Alibaba Jumps 7% as Hong Kong Tech Stocks Rally, 5x Long DLC Gains 35%
Hong Kong technology stocks opened higher on Monday (3 August), led by a sharp rally in $BABA-W(09988)$ , which gained more than 7% in early trading on the release of its latest AI model with performance claiming to rival Anthropic.
The Alibaba 5x Long DLC correspondingly rose by around 35% before paring some of its gains, while the Alibaba 5x Short DLC declined by a similar magnitude.
The broader rally reflected renewed buying interest in heavyweight internet and AI-related counters.
As of around 10am Singapore time, $BIDU-SW(09888)$ had climbed approximately 3.8%, followed by $KUAISHOU-W(01024)$ at 3.6% and $TENCENT (00700.HK)$ at 2.7%.
The broad tech rally lifted the $Hang Seng TECH Index (800700.HK)$ by about 0.8%. Amplifying the move, the HSTECH 7x Long DLC surged 5.6%, while the HSTECH 7x Short DLC sank a similar magnitude.
Attention will also turn to a busy US earnings calendar this week. Palantir is scheduled to report after the US market closes on 3 August while AMD and SpaceX are expected to release its results after the close on 4 August.
Investors with a bullish view may consider Long DLCs for leveraged exposure to a rise in the underlying share price. Conversely, investors expecting a decline may consider Short DLCs for inverse leveraged exposure.
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