Business
Hong Kong Stocks Hover Near Two-Week Low Amid Weak Economic Data; Tech Stocks Offer Respite
Shares in Hong Kong are being traded close to their lowest point in two weeks, as poor profit reports dampen investor confidence. Analysts observe that the current economic indicators are not strong enough to suggest a change in the market trend.
The Hang Seng Index fell by 0.2 per cent, closing at 17,651.49. There was a slight rise of 0.3 per cent in the Hang Seng Tech Index, while the Shanghai Composite Index experienced a decrease of 0.3 per cent.
Tech stocks were the primary drivers in mitigating the wider market's losses, as Alibaba Group Holding increased by 0.8 per cent, reaching HK$80.10, while Tencent Holdings saw a 0.1 per cent boost, landing at HK$378.20, and Meituan surged 2.2 per cent to HK$118.90.
The resurgence of Hong Kong's stock market has stumbled following a nearly 4% increase in the standard measure last August. The most recent economic figures and business outcomes have not shown signs of accelerated economic or profit expansion. The manufacturing sector has contracted for four consecutive months, and both banks and developers are struggling. However, any decline might be restrained given the Federal Reserve is expected to make its first interest rate reduction in four years, an action that will stimulate investments into Asian markets.
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