Hong Kong stocks jump on tech, drugmaker gains

Oct 2, 2025, 11:44 GMT+7
By Summer Zhen
Reuters - Hong Kong stocks jumped on their first trading day in October as tech shares gained, fueled by upbeat sentiment over artificial intelligence and JPMorgan's price target hike for Alibaba, while healthcare firms rose on Pfizer's tariff deal with the U.S.
** By midday, the benchmark Hang Seng Index (.HIS) was up 1.5 and Hang Seng Techgained 2.7%.
** Index heavyweight Alibabajumped 4% after JPMorgan raised the tech gaint's target share price to HK$240 from previous HK$165.
** China's top chipmaker SMIC surged more than 9%.
** "A chunky price-target hike for Alibaba (by JPMorgan) after upbeat AI-cloud synergy commentary is a big sentiment lift across mega-cap China tech," said Charu Chanana, chief investment strategist at Saxo.
** OpenAI's release of AI video-generating app Sora is helping the broader sentiment around AI, she added.
** Meanwhile, biotech and pharma firms outperformed, with Hang Seng Healthcare up more than 2%.
** Pfizer and President Donald Trump agreed a deal to lower prescription drug prices in the Medicaid programme in exchange for tariff relief, reducing uncertainty on drugmakers.
** Hong Kong market resumed trading on Thursday after one-day holiday, while mainland China markets are closed from October 1 to 8 for the Golden Week holiday.
** China's national railway recorded 23.13 million trips on the first day of the country's eight-day National Day holiday on Wednesday, up nearly 8% from a year earlier and setting a single-day record, state media CCTV reported.

Sumber : Reuters