Business
Hong Kong Stocks Hover Near Two-Week Low Amid Weak Economic Data and Deteriorating Earnings: Tech Stocks Provide Slight Lift
Hong Kong's shares are trading close to a fortnight's low due to worsening profit figures affecting investor mood. According to an analyst, the current economic indicators remain unfavorable, providing no basis for a market trend shift.
The Hang Seng Index experienced a slight decline of 0.2 per cent, closing at 17,651.49. Meanwhile, the Hang Seng Tech Index saw a minor increase of 0.3 per cent, while the Shanghai Composite Index fell by 0.3 per cent.
Tech shares were the frontrunners in limiting the overall market loss, as Alibaba Group Holdings saw an increase of 0.8 per cent to HK$80.10, Tencent Holdings improved by 0.1 per cent to HK$378.20, and Meituan surged by 2.2 per cent to HK$118.90.
The resurgence of Hong Kong stocks has stumbled following a nearly 4% increase in the primary index in August. Recent economic figures and business outcomes have not pointed to a quicker pace of economic and profit expansion. The manufacturing sector has contracted for the fourth consecutive month, and banks and property developers are struggling. However, any decline might be restricted as the Federal Reserve is expected to make its first interest-rate reduction in four years, a step that will stimulate investments into Asian markets.
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