Business
Hong Kong Stocks Hover Near Two-Week Low as Weak Economic Data and Dismal Earnings Undermine Market Confidence
Hong Kong's stock market is hovering around a fortnight's low as weakening profits dampen investor spirits. Analysts note that the current economic data is not strong enough to suggest any potential shift in the market trend.
The Hang Seng Index fell by 0.2 per cent, closing at 17,651.49. Meanwhile, the Hang Seng Tech Index saw a 0.3 per cent increase, while the Shanghai Composite Index declined by 0.3 per cent.
Tech shares were the frontrunners in offsetting the broader market's losses, with Alibaba Group Holding experiencing a 0.8 per cent increase to HK$80.10, Tencent Holdings seeing a 0.1 per cent boost to HK$378.20, and Meituan surging 2.2 per cent to HK$118.90.
The resurgence of Hong Kong stocks has stumbled, despite nearly a 4% increase in the standard measure in August. Recent economic figures and business outcomes have not shown any signs of rapid economic or profit growth. The manufacturing sector has contracted for the fourth month in a row, causing strain for banks and developers. However, the setback may be restrained as the Federal Reserve is predicted to implement its first interest rate cut in four years, a decision that is expected to stimulate investment into Asian markets.
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