Business
Hong Kong Stocks Near Two-Week Low Amid Weak Economic Data and Deteriorating Earnings: Limited Reversal Expected Despite Tech Stocks Rally
Shares in Hong Kong are currently being traded close to a two-week low, with falling profits negatively impacting market mood. An analyst stated that the current economic data remains poor, thus there's no basis for a shift in the market trend at present.
The Hang Seng Index saw a minor decrease of 0.2 per cent, closing at 17,651.49. Meanwhile, the Hang Seng Tech Index experienced a slight rise of 0.3 per cent, while the Shanghai Composite Index fell by 0.3 per cent.
Tech shares were the front runners in mitigating the overall market loss, 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 2.2 per cent to HK$118.90.
The recent surge in Hong Kong's stock market has stumbled, despite nearly a 4% increase in the key index during August. Current economic figures and business performance reports don't suggest a quickening in economic and profit expansion. The manufacturing sector has contracted for the fourth month in a row and banks and property developers are struggling. However, any downturn could be kept in check as the Federal Reserve is expected to implement its first reduction in interest rates in four years, a step that could stimulate investment in Asian markets.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.