Hang Seng Rebounds; Tech Stocks Lead the Rally
The Hang Seng Index rose approximately 1.5%, or 375 points, to reach the 25,490 level during Monday's trading (August 17), bouncing back after recording losses for four consecutive sessions. Investors began returning to stocks that had undergone significant corrections, with the technology sector serving as the primary driver of the recovery.
Shares of SenseTime surged about 8.2% after the artificial intelligence company projected a first-half profit of between RMB 500 million and RMB 700 million. If realized, this would mark SenseTime's first profit since listing on the Hong Kong exchange.
Positive sentiment also emerged from Hong Kong's IPO market. Chinese securities regulators approved Transsion Holdings' plan to proceed with a listing in Hong Kong, with the mobile phone manufacturer planning to issue up to 132 million H-shares.
Other major tech stocks also rallied. Tencent rose approximately 1.3%, Semiconductor Manufacturing International Corporation gained 3.3%, MiniMax climbed 2.5%, and Lenovo rose about 0.5%.
Nevertheless, investors remain cautious regarding geopolitical risks and oil price movements. The market is also awaiting a fresh batch of Chinese economic data to gauge whether the economic recovery momentum remains robust.
Newsmaker Analysis: The current Hang Seng rebound is primarily driven by bargain-hunting in tech stocks following recent corrections. However, the sustainability of the rally will depend on Chinese economic data and geopolitical developments that could once again heighten market volatility. (asd)
Source: Newsmaker.id
