Business
Hong Kong Stocks Halt 6-Day Rally amid Overbought Market Signals: A Glimpse into a Possible Reversal
Hong Kong shares take a dive, ending a six-day streak as China's fervor demonstrates fatigue. A crucial technical sign indicates that the market is significantly over-purchased, indicating an impending turnaround.
On Thursday, the Hang Seng Index experienced a drop of 1.5 per cent, landing at 22,113.51, reducing an intra-day plunge which reached up to 4.5 per cent. The Tech Index also fell by 3.5 per cent. This week, the markets in mainland China are not operational due to a holiday.
Alibaba Group Holding saw a drop of 4.9 per cent, falling to HK$109.50, while its e-commerce competitor, JD.com, suffered an 8.3 per cent decrease to HK$169.70. In addition, the search engine company Baidu saw a 6.3 per cent drop to HK$108. New World Development, a homebuilding company, experienced a significant slump of 13 per cent, landing at HK$9.20. Longfor also went down by 10.4 per cent to HK$16.80, and China Resources Land dropped by 7.3 per cent to HK$29.35.
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Xi's call to action establishes economic directives for Chinese authorities, pardoning them for past errors.
The events of the previous week have brought back memories of the dramatic inflation and collapse in 2015, according to a group of economists from Nomura, including Ting Lu, who shared these thoughts with their clients on Thursday. They emphasized the need for a more balanced evaluation, given that China's present economic foundations continue to be fragile.
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