Business
Hong Kong Stocks Hover Near Two-Week Low Amid Weak Economic Data and Deteriorating Earnings: Tech Stocks Show Resilience
Hong Kong's stock market hovers around a two-week low as declining profits negatively affect investor mood. An analyst has stated, 'The economy's present data remains weak, therefore, there's no basis for a change in the market trend.'
The Hang Seng Index experienced a 0.2 per cent decrease, closing at 17,651.49. In contrast, the Hang Seng Tech Index saw a 0.3 per cent uptick, while the Shanghai Composite Index fell back by 0.3 per cent.
Tech shares were the frontrunners in offsetting the overall market loss, as Alibaba Group Holding saw a 0.8 per cent increase to HK$80.10, Tencent Holdings experienced a slight 0.1 per cent boost to HK$378.20, while Meituan surged 2.2 per cent to HK$118.90.
The resurgence of Hong Kong stocks has stumbled following a nearly 4% increase in the standard measure in August. Recent economic figures and business outcomes have not suggested a quicker growth in economy and profits, as the manufacturing sector contracts for the fourth consecutive month and banks and property developers struggle. However, any retreat might be constrained as the Federal Reserve is expected to make its first interest-rate reduction in four years, a decision that will encourage investments into Asian markets.
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