Business
Hong Kong Stocks Near Two-Week Low Amid Weak Economic Data and Deteriorating Earnings: Market Analysis
Hong Kong's stock market hovers around a two-week low due to declining profits affecting investor mood. An analyst notes that the current frail economic indicators provide no basis for a market trend turnaround.
The Hang Seng Index saw a decrease of 0.2 per cent, finishing 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 offsetting the broader market's downfall, as Alibaba Group Holding saw an increase of 0.8 per cent, reaching HK$80.10, Tencent Holdings climbed up 0.1 per cent to HK$378.20 and Meituan surged by 2.2 per cent, hitting HK$118.90.
The resurgence of Hong Kong stocks has stumbled following an almost 4% increase in the primary index in August. Recent economic figures and company outcomes have not signaled an acceleration in economic and profit growth, as the manufacturing sector contracts for the fourth consecutive month and banks and developers are struggling. However, any potential setback could be restrained due to the Federal Reserve's expected first interest-rate cut in four years, which will likely stimulate investment into Asian markets.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.