Hang Seng rises as tech and chip stocks gain

The move matters because Hong Kong equities remain highly sensitive to US interest-rate expectations, the dollar and global liquidity. With CME FedWatch showing markets pricing a 94.5% chance of a 0.25-point Fed rate increase, investors are holding back on bigger bets until they see whether policymakers signal more tightening after last week’s still-hot US inflation data and recent oil-price gains.

That hesitation kept the broader rally limited. Xiaomi fell 1.5%, Kuaishou dropped 1.7% and Akeso lost 3.9%, underscoring that the market is still trading stock by stock rather than on broad conviction.

For investors, the tech-led bounce offers some support to a sector that has been under pressure, but it does not yet mark a clear risk-on turn. The Hang Seng is still below its 50-day moving average of 25,280.77 and its 200-day moving average of 25,613.03, while the relative strength index at 29.5 points to weak underlying momentum.

Eyes now turn to the Fed’s statement and guidance, followed by the Bank of Japan meeting on Sept. 17-18, which analysts expect could deliver another 0.25-point rate increase. Any shift in global rate expectations or the dollar could quickly reshape flows into Hong Kong’s tech-heavy market.