HK stocks rise as AI ban fears take toll on mainland

Hong Kong shares rose on Monday as mainland markets started the week on the backfoot on news that a bipartisan group of US lawmakers had introduced legislation to bar the federal government from equipping sensitive government systems with Chinese-made components used to transmit data in AI data centres. In Hong Kong, the benchmark Hang Seng Index opened up 44 points, or 0.18 percent, at 24,554. The tech index was up 12 points, or 0.29 percent, at 4,324 while the China enterprises index rose 29 points, or 0.36 percent, to 8,195. Up north, the benchmark Shanghai Composite Index opened down almost 10 points, or 0.26 percent, at 3,878. The Shenzhen Component Index was 51 points, or 0.38 percent, lower at 13,265 while the ChiNext was 0.65 percent down at 3,267. The mainland losses on the back of the US news saw the tech-focused Star Composite Index down nearly four percent, the SSE Star 200 index down nearly five percent and the CSI 300 Telecommunication Services Index down six percent at one stage in early trading. In Tokyo, the Nikkei opened 141 points, or 0.21 percent, higher at 66,505 and was hovering close to the breakeven point at one stage before lunch. In Seoul, the Kospi opened 23 points,...