Business
Hong Kong Stocks Hover Near Two-Week Low Amid Weak Economic Data and Dampened Earnings: Tech Stocks Offer Respite
Shares in Hong Kong are trading close to their lowest levels in two weeks as worsening profit reports dampen investor mood. An analyst indicates that the current economic data remains poor, offering no basis for a shift in market trends.
The Hang Seng Index saw a decrease of 0.2 per cent, closing at 17,651.49. Meanwhile, the Hang Seng Tech Index experienced a 0.3 per cent increase, while the Shanghai Composite Index fell by 0.3 per cent.
Tech shares were the driving force in lessening the overall market's decline, with Alibaba Group Holding climbing 0.8 per cent to a value of HK$80.10, Tencent Holdings slightly increasing by 0.1 per cent to HK$378.20, and Meituan surging by 2.2 per cent to HK$118.90.
The resurgence of Hong Kong stocks has stumbled, despite seeing nearly a 4% increase in the reference index in August. Recent economic figures and business outcomes have not shown signs of accelerated economic and earnings growth. The manufacturing sector has been in a downturn for four consecutive months, and banks and developers are struggling. However, any potential setbacks could be mitigated as the Federal Reserve is expected to implement its first reduction in interest rates in four years, a decision that could drive investment towards Asian markets.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.