HK stocks punch up as internet plays regain ground

The mainland's blue-chip stock index edged up on Friday and closed the holiday-shortened week near its lowest level in more than a year as a selloff in AI-related supply chain shares ⁠deepened, while Hong Kong stocks rebounded on gains in internet companies. The benchmark Hang Seng Index rose 425 points, or 1.8 percent, to 24,211 on turnover of HK$209.2 billion. For the entire week, the index climbed 1 percent. The tech index rose 124 points, or 3.1 percent, to 4,197 but was still hovering near a two-year low while the China enterprises index ended the day 137 points, or 1.7 percent, higher at 8,147. On the mainland, the CSI300 Index ended 0.2 percent higher while the Shanghai Composite Index inched up one point to close at 3,813 on turnover of 888.56 billion yuan. For the week, the CSI300 was down nearly 1 percent and has fallen for nine straight weeks. The Shenzhen Component Index rose 20 points, or 0.17 percent, to 12,641 on turnover of 1.01 trillion yuan while the ChiNext Index was up six points, or 0.22 percent, at 3,043 on turnover of 492.05 billion yuan. The 5G ⁠Communication Index fell up to six percent to a ⁠two-month low. The tech-focused ⁠Star50 Index shed...