Business
Hong Kong Stocks Hover at Two-Week Low: Weak Economic Data and Stagnant Earnings Stoke Market Uncertainty Despite Tech Gains
Hong Kong's share market hovers around a two-week low as poor earnings reports impact investor confidence. An analyst stated, "The current economic indicators remain soft, providing no basis for a turnaround in the market trend."
The Hang Seng Index fell by 0.2 per cent, ending at 17,651.49. Meanwhile, the Hang Seng Tech Index saw a 0.3 per cent increase, while the Shanghai Composite Index decreased by 0.3 per cent.
Tech shares were the primary drivers in mitigating the broader market's losses, as Alibaba Group Holding saw a 0.8 per cent increase to HK$80.10, Tencent Holdings experienced a slight 0.1 per cent rise to HK$378.20, and Meituan surged by 2.2 per cent to HK$118.90.
The resurgence of Hong Kong stocks has stumbled, despite nearly a 4% increase in the standard measure in August. The most recent financial figures and business outcomes have not shown accelerated economic and profit growth. The manufacturing sector has contracted for a fourth consecutive month, and banks and property developers are struggling. Nevertheless, any decline might be restricted due to the expected first reduction in interest rates by the Federal Reserve in four years, a step that will encourage investment in Asian markets.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.