Business
Deteriorating Earnings and Weak Economic Data Pull Hong Kong Stocks to Near 2-Week Low, Despite Tech Gains
Hong Kong shares are trading close to a fortnight's low due to poor earnings affecting investor feelings. An analyst mentioned that the economic indicators are currently not strong, hence there's no basis for a turnaround in the market trend.
The Hang Seng Index experienced a 0.2 per cent decrease, closing at 17,651.49. Conversely, the Hang Seng Tech Index saw a 0.3 per cent rise. Meanwhile, the Shanghai Composite Index fell by 0.3 per cent.
Tech shares spearheaded the reduction of losses in the wider market, as Alibaba Group Holding increased by 0.8 per cent to HK$80.10, Tencent Holdings grew by 0.1 per cent to HK$378.20, and Meituan surged by 2.2 per cent to HK$118.90.
The resurgence of Hong Kong stocks has stumbled after nearly a 4% rise in the standard measure in August. The most recent financial figures and business outcomes have not demonstrated an acceleration in economic and revenue growth, as the manufacturing sector contracts for the fourth consecutive month and banks and developers struggle. However, any downward trend might be restricted as the Federal Reserve is anticipated to make its first reduction in interest rates in four years, a measure that will stimulate investment into Asian markets.
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