Business
Hong Kong Stocks Hover Near Two-Week Low Amid Weak Economic Data and Dwindling Earnings
Hong Kong's share market hovers around a fortnight's lowest point as declining profits impact investor mood. An analyst commented that given the continuing weak economic figures, there's no basis for a turnaround in the market trend.
The Hang Seng Index fell slightly by 0.2 per cent, closing at 17,651.49. Meanwhile, the Hang Seng Tech Index saw a minor increase of 0.3 per cent and the Shanghai Composite Index pulled back by 0.3 per cent.
Tech shares were the frontrunners in mitigating the broader market's losses, with Alibaba Group Holding seeing a 0.8 per cent hike to HK$80.10, Tencent Holdings experiencing a slight 0.1 per cent increase to HK$378.20, and Meituan surging by 2.2 per cent to HK$118.90.
The resurgence of Hong Kong's stock market has stumbled, despite nearly a 4% increase in the primary index in August. Recent economic figures and company outcomes have not demonstrated accelerated economic and profit expansion, as the manufacturing sector contracts for the fourth consecutive month and financial institutions and builders struggle. However, any potential downturn could be constrained as the Federal Reserve is expected to make its first interest rate reduction in four years, a measure that could stimulate investment in Asian markets.
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