Business
Hong Kong Stocks Linger Near Two-Week Low Amid Weak Economic Data and Deteriorating Earnings: Tech Stocks Offer Silver Lining
Hong Kong's share market hovers close to a fortnight's lowest point as poor profit reports dampen investor mood.
'Given the ongoing frailty in the economic data, there's no base for a turnaround in market trends,' says the analyst.
The Hang Seng Index fell slightly by 0.2% ending at 17,651.49. Meanwhile, the Hang Seng Tech Index rose by 0.3% and the Shanghai Composite Index decreased by 0.3%.
Tech shares were the main drivers in mitigating the overall market decline, as Alibaba Group Holding saw a 0.8 per cent increase to HK$80.10, Tencent Holdings experienced a slight 0.1 per cent boost to HK$378.20, and Meituan surged by 2.2 per cent to HK$118.90.
The resurgence of Hong Kong stocks has stumbled after nearly a 4% increase in the standard measure in August. Recent economic figures and company outcomes have not shown accelerated economic and profit growth, as the manufacturing sector contracts for a fourth consecutive month and banks and developers struggle. However, any retreat could be restrained as the Federal Reserve is expected to implement its first interest rate reduction in four years, a step that will encourage investments into Asian markets.
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