Asian Markets Rise as Tech Stocks Rally; Alibaba and Baidu Lead Gains
Asian markets opened the new year on a positive note, with Hong Kong's Hang Seng index rising 2.2%, fueled by a rally in technology stocks, particularly Alibaba and Baidu. Baidu's shares surged 7.5% following its announcement to spin off its AI chip division, while overall growth in AI usage is anticipated to drive demand for essential components. Other regional indices, including South Korea's Kospi and Taiwan's Taiex, also posted gains, reflecting a broader trend in the sector.
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Asian markets opened the new year positively, with Hong Kong's Hang Seng index rising 2.2% to 26,189.79, driven by a surge in technology stocks. Alibaba increased by 3.2%, while Baidu jumped 7.5% after announcing plans to spin off its AI chip division, Kunlunxin, which is set to list shares in Hong Kong in early 2027, pending regulatory approvals.
The South Korean Kospi gained 1.5% to 4,277.94, the Australian S&P/ASX 200 rose 0.2% to 8,727.30, Taiwan's Taiex climbed 1.1%, and India's Sensex increased by 0.1%. The rise in Asian stocks is supported by expectations that growth in AI usage will boost demand for computer chips and other components essential for data centers and infrastructure.
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