Business
Hong Kong Stocks Hover Near Two-Week Low Amid Weak Economic Data and Deteriorating Earnings; Tech Stocks Shine Despite Market Uncertainty
Hong Kong shares are being traded close to a two-week low due to falling profits affecting investor confidence. An analyst comments that the current economic data remains poor, providing no basis for a shift in the market trend.
The Hang Seng Index experienced a slight decrease 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. On the other hand, the Shanghai Composite Index fell by 0.3 per cent.
Tech stocks were the driving force behind curbing the larger market's losses, as we saw Alibaba Group Holding increase by 0.8 per cent to HK$80.10, Tencent Holdings climb 0.1 per cent to HK$378.20, and Meituan surge 2.2 per cent to HK$118.90.
The resurgence of Hong Kong stocks has stumbled, despite nearly a 4% increase in the standard index in August. The most recent economic figures and business outcomes do not suggest a quicker pace of financial and profit expansion. The manufacturing sector continues to contract for the fourth consecutive month, and banks and developers are struggling. However, any potential setbacks could be restricted, as the Federal Reserve is expected to implement its initial interest-rate decrease in four years, a decision that will encourage investments into Asian markets.
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