Chinese stocks 'shine' thanks to Alibaba shares

Asian stocks were mixed in the afternoon session on September 24, as the surge in Chinese technology stocks was not enough to spread across the region.

Investors monitor stock indexes in Jiangsu province, China. Photo: THX/TTXVN

Overall market sentiment remained under pressure after a session of declines on Wall Street due to concerns about high valuations and mixed messages from the US Federal Reserve (Fed).

Thanks to the rebound from technology stocks, the Chinese stock market increased sharply. Specifically, the Shanghai Composite index in Shanghai increased 0.8% to 3,853.64 points, while the Hang Seng index traded in Hong Kong increased 1.4% to 26,518.65 points.

In Japan, Tokyo's Nikkei 225 index also rose 0.3% to 45,630.31 points. Markets in Jakarta, Bangkok and Wellington also rose, but Sydney, Seoul, Singapore, Taipei and Manila were in the red.

The bright spot in Asia this session was Chinese technology stocks. Accordingly, shares of e-commerce giant Alibaba soared more than 9% after CEO Eddie Wu announced plans to boost spending on artificial intelligence (AI) to create an additional $53 billion. This momentum also spread to other technology stocks listed in Hong Kong such as Tencent, JD.com and Meituan.

However, this optimism is tempered by uncertainty surrounding the Fed's interest rate policy. While markets have been expecting the Fed to cut rates several times this year, recent comments from key officials have caused more uncertainty.

Fed Chairman Jerome Powell warned of a path that is “not without risk.” Loosening monetary policy too much could undo the fight against inflation, while tightening for too long could weaken the labor market. Other Fed officials have taken opposing views. Governor Michelle Bowman has called for aggressive rate cuts to counter the worsening labor market, while the presidents of the Atlanta and Chicago Feds have warned of the risk of rising inflation.

Investors are now awaiting the release of the US personal consumption expenditure (PCE) index, the Fed's preferred inflation gauge, for further clues on the outlook for upcoming interest rates.

At the end of the trading session on September 24, the VN-Index increased by 22.20 points (1.36%) to 1,657.46 points. The HNX-Index increased by 4.27 points (1.56%) to 277.28 points.

Source: https://baotintuc.vn/thi-truong-tien-te/chung-khoan-trung-quoc-toa-sangnho-co-phieu-alibaba-20250924161536115.htm