According to PANews, Hong Kong stocks experienced mixed results on the first trading day of the Year of the Snake. In the afternoon session, technology stocks led a recovery, with both the Hang Seng Index and the Hang Seng Tech Index rebounding from earlier losses. By the close of trading, the Hang Seng Index had narrowed its decline to 0.04%, while the Hang Seng Tech Index turned positive, gaining 0.29%.
The semiconductor, chip, and AI sectors performed strongly throughout the day. Kingsoft Cloud stood out with a significant increase of 31%, Semiconductor Manufacturing International Corporation (SMIC) closed up by 10%, and Alibaba rose by 6%. In contrast, the cryptocurrency and pharmaceutical sectors remained sluggish in the afternoon.