Business
Hong Kong Stocks Retreat, Ending August Upsurge: Weak China Manufacturing and Corporate Results to Blame
The Hong Kong stock market experiences a decline, interrupting its monthly increase due to poor manufacturing in China and disappointing corporate outcomes. New World Development and government-owned banks are at the forefront of the downturn, following the market's most impressive monthly showing since April.
The Hang Seng Index dropped 1.8 per cent to 17,670.72 during the midday pause, reversing its course after it had almost increased by 4 per cent in August, marking the largest monthly rise since April. The Hang Seng Tech Index also declined by 1.8 per cent, while the Shanghai Composite Index fell back by 0.6 per cent.
"China persists in dampening the ideal worldwide economic situation," stated Stephen Innes, the managing director at SPI Asset Management in Bangkok. "The globe's runner-up economy is faltering, as manufacturing operations slow down, deflation risks increase, and the demand for economic stimulus intensifies."
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