0340 GMT - Hong Kong Exchanges & Clearing is likely to remain supported by the rise of AI, which has fueled investor sentiment towards tech stocks, supporting a surge in turnover volume, according to Citi Research analyst Michael Zhang in a note. This support should persist in the near term, and HKEX is a key beneficiary of the recovery in market sentiment toward Chinese stocks, Zhang says. The increasing number of dual-listings of mainland companies in Hong Kong could also support the recovery of the Hong Kong IPO market, Zhang adds. Citi upgrades its rating on HKEX to buy from sell, raising the target price to HK$370 from HK$275. Shares are up 5.4% at HK$345.20. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
February 20, 2025 22:40 ET (03:40 GMT)
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