Global Market: China, Hong Kong stocks rebound as SK Hynix earnings lift AI
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Chinese and Hong Kong stocks rebounded after two sessions of losses, led by technology shares amid renewed optimism over artificial intelligence demand following SK Hynix’s stronger-than-expected earnings. However, weak consumption and disappointing results from liquor maker Wuliangye continued to weigh on sentiment.
China and Hong Kong stocks rebounded on Wednesday, snapping a two-day losing streak, as technology shares rallied in line with broader gains across Asian markets following stronger-than-expected earnings from South Korean chipmaker SK Hynix.The blue-chip CSI300 Index and the Shanghai Composite Index each rose 0.7% by the midday break. Hong Kong's Hang Seng Index gained 0.4%, while the Hang Seng Tech Index advanced 1.8%, reflecting renewed investor interest in artificial intelligence-linked stocks.
As on 28 Oct 2026, 01:30 AM IST
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Xylem92.86(-14.21%)Boeing168.18(-10.69%)Valero Energy387.34(-9.24%)Coterra Energy32.56(-8.62%)SK Hynix's better-than-expected third-quarter results helped revive optimism around the artificial intelligence trade. The South Korean semiconductor maker reported a more than sevenfold increase in quarterly operating profit, reinforcing expectations of sustained demand for AI-related chips.
Read more: Global Market: South Korean shares surge 6% as SK Hynix earnings fuel AI chip rally
In mainland China, robotics, semiconductor equipment and 5G communications stocks led the gains, rising 5.2%, 4.5% and 3.8%, respectively. Shares of Unitree Technology, a leading robotics maker, surged 12% ahead of the release of its first quarterly results since listing in Shanghai.
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Hong Kong-listed AI-related companies also attracted strong buying interest, with an index tracking the sector climbing more than 5%.
However, gains were uneven across sectors as concerns over slowing consumption continued to weigh on some consumer-focused companies. Baijiu producer Wuliangye fell 5.7% after reporting a 48% decline in third-quarter profit, highlighting the challenges facing China's liquor industry amid weak sales.
Read more: Global Market Today: Asian stocks advance on resurgent AI optimism
Chinese technology stocks have faced significant selling pressure in recent sessions amid concerns about the sustainability of AI demand and restrictions on Chinese exports. Persistent weakness in domestic consumption has further dampened investor confidence, strengthening calls for additional government stimulus to support economic growth and stabilise financial markets.
Richard Tang, head equity research analyst for Asia at Julius Baer, said state-backed funds, often referred to as the national team, had stepped up purchases of A-shares in recent sessions, raising hopes that efforts to stabilise the market could be gaining traction.
Broader mainland benchmarks also posted strong gains. The Shenzhen Component Index rose 2.06%, while the ChiNext Composite Index, which tracks growth-oriented companies, advanced 3%. Shanghai's technology-focused STAR 50 Index climbed 2.51%.
Wednesday's rebound suggests that improved sentiment towards the global AI sector is providing near-term support to Chinese equities. However, the sustainability of the recovery will depend on whether technology demand remains resilient and policymakers take further steps to address weak domestic consumption and restore investor confidence.
(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times.)
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
