Hang Seng Strengthens, Technology Stocks Leading the Way
The Hang Seng Index strengthened on Thursday (July 23rd), supported by gains in technology stocks. The index rose 0.6%, or around 146 points, to 25,035, after weakening in the previous trading session.
This strengthening was primarily driven by buybacks in technology stocks following profit-taking. Investors still see positive long-term prospects for companies related to artificial intelligence (AI) and semiconductors.
Market sentiment was also supported by fundraising activities by Chinese technology companies in Hong Kong. This indicates that investor interest in AI and chip stocks remains strong, despite the market's recent volatility.
In addition to the technology sector, positive news from Cathay Pacific also bolstered sentiment. The airline company expects significantly stronger first-half profits, supported by continued solid demand for passenger and cargo travel.
In terms of stock movements, Tencent rose 1.8%, Lenovo jumped 6.6%, Z.Ai Co. strengthened 3.7%, Kingboard Laminates rose 6.0%, and AIA added 1.4%. In terms of market impact, the strengthening of the Hang Seng indicates that investor interest in Hong Kong technology stocks is starting to recover. If AI and semiconductor sentiment remain strong, the index has the potential to continue its rebound, although investors should still be mindful of the risks of profit-taking and global volatility. (asd)
Source: Newsmaker.id
