Business
Hong Kong Stocks Nearing Two-Week Low Amid Deteriorating Earnings and Weak Economic Data: A Market Analysis
Hong Kong's stock market hovers close to a fortnight's low as worsening profit reports dampen investor confidence. 'The economy's performance continues to be unsatisfactory at present, offering no basis for any shift in market trends,' claims the analyst.
The Hang Seng Index saw a decrease by 0.2 per cent, settling at 17,651.49 at the end of trading. Meanwhile, the Hang Seng Tech Index experienced a slight increase of 0.3 per cent, while the Shanghai Composite Index fell by 0.3 per cent.
The decrease in the overall market was mitigated by the rise in tech stocks, with Alibaba Group Holding witnessing a 0.8 per cent increase to HK$80.10, Tencent Holdings experiencing a slight 0.1 per cent enhancement to HK$378.20, and Meituan surging 2.2 per cent to reach HK$118.90.
The resurgence of Hong Kong stocks has stumbled, despite an almost 4% increase in the primary index in August. Recent economic figures and company outcomes have not shown quicker economic and profit expansion, with the manufacturing sector contracting for the fourth consecutive month and banks and developers struggling. Nevertheless, any decline might be minimal as the Federal Reserve is expected to make its initial interest-rate reduction in four years, a decision that will stimulate investment into Asian markets.
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