Hong Kong stocks rose Wednesday as a sharp drop in crude oil prices and continued optimism around technology and artificial intelligence lifted sentiment.

The Hang Seng Index rose 89.70 points, or 0.4%, to close at 24,613.27, while the Hang Seng China Enterprises Index gained 41.27 points, or 0.5%, to 8,220.08. The Hang Seng TECH 100 Index rose 1.2% as chip and AI stocks gained across Asian markets.

Oil prices fell sharply, easing some inflation concerns as investors awaited U.S. inflation data for clues on the Federal Reserve's interest-rate path. China's official Composite PMI Output Index also expanded in September, rising to 50.7 from 49.5 in August.

Among individual stocks, InSilico Medicine (HKG:3696) rose more than 8% after selecting ISM1354, a small-molecule GIPR antagonist, as a preclinical candidate for obesity and related disorders, including type 2 diabetes.