Business
Hong Kong Stocks Hover Near Two-Week Low Amid Weak Economic Data and Deteriorating Earnings, Despite Tech Sector Gains
Shares in Hong Kong are being traded close to their lowest point in two weeks due to worsening profit margins negatively impacting market mood. An analyst has noted that the current economic figures remain poor, thus providing no basis for a shift in the current market trend.
At closing, the Hang Seng Index experienced a slight decline of 0.2 per cent, settling at 17,651.49. Conversely, the Hang Seng Tech Index saw a minor increase of 0.3 per cent, whereas the Shanghai Composite Index fell by 0.3 per cent.
Tech shares were the driving force in reducing the broader market's losses, with Alibaba Group Holding increasing by 0.8 per cent to a value of HK$80.10, Tencent Holdings grew 0.1 per cent to a worth of HK$378.20 and Meituan experiencing a surge of 2.2 per cent to HK$118.90.
The resurgence of Hong Kong's stock market has stumbled following nearly a 4% increase in the key index in August. The most recent financial figures and company outcomes have not shown a quicker pace in economic and profit expansion, as the manufacturing sector contracts for the fourth consecutive month and banks and builders struggle. However, any regression might be restrained as the Federal Reserve is projected to enact its first reduction in interest rates in four years, a strategy that will motivate investments 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.