Hang Seng Index Falls 1%, Alibaba Leads Market Pressure
The Hang Seng Index weakened 1% to 24,963.23 in Hong Kong trading on Friday (July 24th). This decline occurred after the index rose 1.3% in the previous session.
Market pressure was triggered by the decline in most index member stocks. Investors were seen selling after the gains in the previous trading session.
Alibaba Group Holding shares exerted the greatest pressure on the index, falling 4.3%. Meanwhile, Xinyi Glass Holdings recorded the sharpest decline, falling 5.1%.
Of the 93 stocks in the Hang Seng Index, 74 stocks weakened. Only 16 stocks rose, while the rest moved relatively stable.
Three of the four major sectors also declined. The decline was led by stocks in the trade and industrial sectors, which weighed on the Hong Kong market.
The dominance of weakening stocks indicates that market sentiment remains cautious. As long as pressure on technology and industrial stocks persists, the Hang Seng is likely to remain weak in the coming trading hours. (asd)
Source: Newsmaker.id
