HK stocks rise as tech turns muse for regional gains
Sep 22, 2026
Technology stocks powered Asian markets higher on Tuesday as lower oil prices lifted sentiment and investors pinned their hopes on US-Iran talks, while the dollar stood tall on bets that more hikes are needed to rein in inflation.
In Hong Kong, the benchmark Hang Seng Index opened up 128 points, or 0.51 percent, at 25,170.
The tech index rose 44 points, or one percent, to 4,467 while the China enterprises was 33 points, or 0.4 percent, higher at 8,373.
On the mainland, the Shanghai Composite Index opened up 13 points, or 0.35 percent, at 3,963.
The Shenzhen Component Index put on 128 points, or 0.94 percent, to open at 13,858 while the ChiNext Index surged 46 points, or 1.37 percent, to 3,446.
The gains came as attention was also turning to a high-stakes meeting between President Xi Jinping and his US counterpart, Donald Trump, later this week, with investors watching for signs they can prevent a further deterioration in relations.
Xi arrives in Washington on Wednesday for the first time in more than a decade amid growing optimism that a trade truce deal between the two nations will be extended and potential cooperation over artificial intelligence.
Brent crude futures steadied at US$100.22 per barrel after dropping over three percent in the previous session, moving below the key US$100 level briefly.
Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to be in New York this week for the UN General Assembly, helping lift sentiment and pushing bond yields lower.
"The drop in oil is a big factor," said Nick Twidale, chief market strategist at ATFX Global.
"Oil is the main driver and investors are jumping back into AI as has been the pattern this year."
MSCI's broadest index of Asia-Pacific shares outside Japan rose over one percent in early trading.
Japanese markets are closed for a holiday.
In Seoul, the Kospi surged up 153 points, or 2.2 percent, to 7,161 before pulling back on its gains to be 117 points higher at one stage before lunch.
Nasdaq futures rose 0.37 percent while European futures were 0.3 percent higher.
Much of the AI enthusiasm has been centred on the strong reception to the launch of Meta's Muse AI assistant.
"The excitement around Meta Muse is adding weight to the idea that millions of people could eventually use persistent AI agents," said Chris Weston, head of research at Pepperstone.
"The combination of Meta Muse injecting a new shot of confidence in the CPU demand profile, lower crude prices, falling Treasury yields and optimism towards the US-China summit have supported the move."
Investors are also contending with a fresh wave of rate hikes and hawkish signals from major central banks, reinforcing expectations of further tightening this year.
The shift has underpinned the US dollar and piled pressure on the yen.
The yen was at 157.39 per US dollar, hovering near a three-week low after surrendering early-month gains driven by bets on a faster pace of Bank of Japan rate hikes.
The central bank raised rates last week to a 31-year high but two dissenting votes and lack of explicit hawkish guidance disappointed investors, leaving the yen vulnerable and stoking intervention jitters.
"FX intervention remains a blunt tool to prop up currencies, and without a forceful monetary policy response it will be difficult for Japanese authorities to rein in the selloff in the yen," said Matthew Ryan, head of market strategy at Ebury.
The Federal Reserve, by contrast, raised rates last week and warned its fight against inflation was not over, keeping the door open to further tightening. (Reuters/Xinhua)
Edited by Tony Sabine
