Hong Kong Stock Exchange Strengthens, Is It Time for Investors to Buy?
The Hong Kong stock exchange rallied on Thursday (July 2nd), driven by buying activity after a previous decline. The Hang Seng Index rose 1.5%, or 338 points, to 23,224, supported by gains in technology, financial, and retail stocks.
Bargain hunting was one of the main drivers of the market's strengthening. Investors began returning to stocks considered to have undergone a significant correction, even though Wall Street was previously pressured by a sell-off in the technology sector.
Sentiment toward Hong Kong technology stocks remained positive, as optimism grew about the long-term prospects of internet companies listed on the exchange. Enthusiasm for artificial intelligence (AI) also supported the market, after Chinese AI developer Zhipu briefly surpassed HK$1 trillion in market value last month.
Globally, the market also paid close attention to Kevin Warsh's statement that inflation expectations and risks had eased in recent weeks, while reiterating the Federal Reserve's commitment to restoring price stability. Several stocks that recorded increases included Tencent up 3.0%, Xiaomi up 3.5%, Meituan up 2.0%, Kuaishou up 6.5%, and Akeso up 7.3%. (asd)
Source: Newsmaker.id
