Hang Seng Breaks Highest Level Since June
The Hang Seng Index rose 1.3% to 25,210.81 in trading on Thursday (July 23) in Hong Kong. This increase brought the index to its highest closing level since June 4, after previously declining 1%.
The market strengthening was driven by the majority of stocks moving positively. Of the 93 stocks in the index, 73 rose, while only 20 fell.
HSBC Holdings was the largest contributor to the index's rise, rising 1.6%. The performance of these banking stocks also bolstered the financial sector, which led gains in today's trading session.
Meanwhile, Aluminum Corp. of China recorded the largest increase, surging 6.3%. The rise in commodity stocks added positive sentiment to the Hong Kong market, particularly amid optimism for the industrial and raw materials sectors.
Impacting the market, the Hang Seng rebound indicates a return of buying interest after a previous correction. If the financial sector and commodity stocks remain strong, the index has the potential to maintain momentum above 25,000. However, investors still need to monitor global sentiment, particularly oil prices, the US dollar, and central bank policy direction. (arl)
Source: Newsmaker.id
