Business
Hong Kong Stocks Linger at Two-Week Low Amid Waning Earnings and Weak Economic Data; Tech Stocks Show Resilience
Hong Kong's share market is hovering around a fortnight's lowest point as poor profit reports negatively impact investor confidence. An analyst points out that the current weak economic data provides no basis for a shift in the market trend.
The Hang Seng Index fell by 0.2 per cent, closing at 17,651.49. The Hang Seng Tech Index, however, increased by 0.3 per cent, while the Shanghai Composite Index decreased by 0.3 per cent.
Tech shares were the primary drivers in reducing the broader market's losses. Alibaba Group Holding saw an increase of 0.8 per cent, taking its value to HK$80.10, while Tencent Holdings experienced a slight rise of 0.1 per cent, amounting to HK$378.20. Meituan also saw a significant surge of 2.2 per cent, reaching a value of HK$118.90.
The recent recovery in Hong Kong's stock market has stumbled, following a nearly 4% rise in the primary index in August. The most recent financial reports and company outcomes have not shown accelerated economic or revenue growth, as the manufacturing sector contracts for the fourth consecutive month and both banks and developers struggle. Nonetheless, any potential retreat might be constrained as the Federal Reserve is expected to make its first reduction in interest rates in four years, a move that will encourage investments into Asian markets.
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