Hang Seng Strengthens, Led by Tencent Shares
The Hang Seng Index closed up 0.3% to 23,412.18 in the latest trading session in Hong Kong. This gain marked the best performance since the index rose 0.5% on June 15, following a sharp 1.8% decline.
The index's gains were primarily driven by gains in shares of Tencent Holdings Ltd., the largest contributor to the Hang Seng's gains. Tencent shares rose 3.4%, significantly boosting Hong Kong's main index.
Besides Tencent, Semiconductor Manufacturing International Corp., or SMIC, recorded the largest gain among index members. Shares of the semiconductor company surged 8.9%, reflecting strong buying interest in the technology and chip sectors.
Overall, stock movements on the Hang Seng remained fairly balanced. Of the 93 index members, 45 stocks rose, while 46 stocks fell. However, three of the four major sectors managed to move higher, led by the trade and industrials sector.
Despite strengthening in daily trading, the Hang Seng's performance remains under significant pressure. Throughout the quarter, the index has fallen 5.6% and is on track to record its deepest quarterly decline since the third quarter of 2023. In the past month, the Hang Seng has also weakened 7%. (asd)
Source: Newsmaker.id
