Business
Hong Kong Stocks Hover Near Two-Week Low Amid Weakening Earnings and Uncertain Economic Data: Tech Stocks Offer Silver Lining
Hong Kong shares are trading close to their lowest point in nearly two weeks as declining profits impact market mood. An analyst commented, "The economic indicators are still not strong at the moment, hence there's no basis for a turnaround in the market trend."
The Hang Seng Index experienced a 0.2 per cent decline, closing at 17,651.49. Meanwhile, the Hang Seng Tech Index saw a minor increase of 0.3 per cent, whereas the Shanghai Composite Index fell by 0.3 per cent.
Tech shares were the primary drivers in reducing the overall market loss, as Alibaba Group Holding increased by 0.8 per cent to HK$80.10, Tencent Holdings experienced a 0.1 per cent rise to HK$378.20, and Meituan saw a significant hike of 2.2 per cent to HK$118.90.
The recent resurgence of Hong Kong stocks has stumbled, despite an approximately 4% increase in the standard measure in August. The most recent economic figures and business outcomes have not shown any signs of accelerated economic and profit progression, as the manufacturing sector contracts for the fourth consecutive month and financial institutions and builders struggle. Nonetheless, any decline might be restricted as the Federal Reserve is expected to make its initial interest rate reduction in four years, an action that will encourage investments into Asian markets.
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