Hang Seng Rises, Here's What Stocks Are Supporting
The Hong Kong stock market rallied again on Friday (July 3), extending its gains for the second consecutive day. The Hang Seng Index rose 1.7%, or 383 points, to 23,445, supported by gains in technology, financial, and consumer stocks.
The Hong Kong market outperformed other Asian markets, although technology and artificial intelligence (AI) stocks in other regions were under pressure. Global investors are still rotating out of these sectors due to concerns that the AI-driven rally has gone too far.
In Hong Kong, investors continued to seek shares of internet companies as their valuations were considered attractive. Market sentiment also improved after the latest US jobs data eased concerns about the possibility of further interest rate hikes by the Federal Reserve.
Lower oil prices also supported appetite for riskier assets. Normalized shipping flows through the Strait of Hormuz helped ease concerns about energy-driven inflation, providing an additional boost to the stock market.
Several stocks that recorded gains included Tencent Holdings up 2.7%, Xiaomi up 5.7%, Knowledge Atlas up 11.8%, Kuaishou Technology up 6.2%, and AIA up 1.5%. (asd)
Source: Newsmaker.id
