Hong Kong equities ended the session with a modest gain as investors rotated into commodity-linked names while technology shares cooled. The Hang Seng Index closed up 0.31% and the Hang Seng TECH Index rose 0.9%, led by strength in non‑ferrous metals and rare‑earth permanent‑magnet companies.
Precious and battery‑metal miners outperformed: Chifeng Gold rallied nearly 6%, Shandong Gold added 4.4%, Jinli Permanent Magnet climbed about 5% and Ganfeng Lithium rose roughly 5.5%. Those moves reflect sustained investor interest in firms tied to metals, batteries and magnet technologies that feed electric vehicles, renewable energy infrastructure and certain defence applications.
At the same time, several optical‑communications and specialised tech names retreated. Yangtze Optical Fibre & Cable plunged close to 6% and Cambridge Technology dropped 5.7%, suggesting profit‑taking after prior strength or renewed concerns about demand in specific hardware markets. Internet champions were largely flat to slightly weaker: Alibaba fell 0.25% and Tencent slipped 0.54%.
The market action is set against a backdrop of heightened attention to supply risks and strategic value in commodity chains. Rare earths and specialised magnets have acquired outsized geopolitical and industrial significance, so price moves in related stocks can reflect both cyclical demand for EVs and batteries and longer‑term hedging against potential export curbs or export‑control friction among major economies.
For investors, the session underlines a cautious repositioning rather than a sustained market shift. A modestly higher Hang Seng alongside a stronger Hang Seng TECH shows capital is still willing to nibble at growth exposures, but the day’s winners and losers point to selective buying driven by sector narratives — chiefly the materials cycle and supply‑security considerations — rather than a broad market conviction.