Business
Hong Kong Stocks Hover Near Two-Week Low Amid Weak Economic Data and Deteriorating Earnings
Shares in Hong Kong are being traded close to their lowest point in two weeks, as worsening profit figures dampen investor mood. 'Currently, our economic indicators are not strong, hence there's no basis for a shift in the market trend,' says the analyst.
At the end of trading, the Hang Seng Index fell by 0.2 per cent, closing at 17,651.49. On the other hand, the Hang Seng Tech Index saw a 0.3 per cent increase. Meanwhile, the Shanghai Composite Index pulled back by 0.3 per cent.
Tech stocks were the prime movers in reducing the overall market loss, with Alibaba Group Holding increasing by 0.8 per cent to HK$80.10, Tencent Holdings marginally growing 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's stocks has stumbled, despite an almost 4% increase in the primary index in August. Recent economic figures and business outcomes haven't shown any signs of accelerated economic and profit growth. The manufacturing sector has contracted for the fourth consecutive month, and banks and developers are struggling. However, any potential decline might be restrained as the Federal Reserve is expected to implement its initial reduction of interest rates in four years, a decision that will encourage investment into Asian markets.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.