Hang Seng Index Rises 174 Points to 23,055 After July Holiday; Chip and AI Stocks Plunge

After the July 1 holiday, Hong Kong's stock market resumed trading on July 2, with the Hang Seng Index closing up 174 points, or 0.76%, at 23,055. Early gains exceeded 400 points, peaking at 23,335 before retreating. The National Index rose 54 points to 7,612, while the Tech Index fell 17 points to 4,454.

Chip stocks came under heavy pressure, with SMIC (China Integrated Circuit Manufacturing) falling 10.1%, Hua Hong Semiconductor dropping 13.5%, and ASMPT declining 18.7%. AI stocks also weakened, with Zhipu Technology down 16.6% and MiniMax down 14.4%. Major tech stocks including Alibaba, Meituan, and Xiaomi posted gains.