The Hang Seng ended 0.1% higher at 20,225 on Tuesday in a half-day session ahead of the Lunar New Year celebrations, marking its third consecutive day of gains.
Hang Seng rises slightly at close
The index was mainly supported by advancements in the tech and consumer sectors. Traders kept a close watch on developments surrounding an affordable AI model from Chinese startup DeepSeek, which raised concerns over the dominance of the US in the tech industry.
China Vanke Co. saw a 2.1% surge after announcing a management reshuffle, following assurances from Chinese authorities to provide support to the struggling property developer. Xiaomi Corp. closed at a record high, jumping over 3% thanks to its strong performance.
China South City Holdings drops
On the other hand, China South City Holdings dropped around 9% after being hit with a winding-up petition in Hong Kong over an alleged non-payment of approximately $306.2 million related to bonds that were due in April 2024.
For the week, the Hang Seng gained 0.8%, marking its third consecutive increase. Markets will remain closed for the rest of the week and are set to reopen on Monday, February 3.
