Hang Seng Index Closes Higher, Bolstered by Alibaba
The Hang Seng Index closed 0.2% higher at 25,915.82, recovering some of the 0.6% loss from the previous session. This movement aligns with market data showing the key Hong Kong index rising approximately 0.2% during the August 5 trading session.
Alibaba was the index's biggest driver, with its shares rising 1.8%. Meanwhile, CMOC Group recorded the largest gain, surging 8.7%. Of the 93 constituent stocks, 47 advanced and 44 declined, with the trade and industry sectors being the only ones to post gains.
Newsmaker Analysis: The Hang Seng's rise remains limited as market gains have not been broad-based. While Alibaba can sustain the index's momentum, the Hang Seng needs to break through the 26,000 level to pave the way for a continued rally. Failure to hold above 25,800 puts the index at risk of retesting the 25,600–25,500 range.
Source: Newsmaker.id
