Hot Tech Stocks, Hang Seng Sets 4-Month Record
Hong Kong's Hang Seng Index surged 387 points, or 1.6%, on Tuesday (July 15th), closing at 24,590. This was the fourth consecutive session of gains, bringing the index to its highest level in nearly four months. The rebound occurred despite initial weakness, as all sectors moved positively, particularly the technology and consumer staples sectors.
Technology stocks were the main drivers of the index's gains, adding 2.8%. The gains were led by Kuaishou Tech, which rose 3.8%, Meituan 3.5%, and Tencent Holdings 2.3%. Positive news came from Nvidia, which expressed optimism that it could soon resume sales of its H20 chips to China, which had been delayed due to the acquisition of US exports.
The consumer staples, property, and financial sectors also rose, as market concerns over the impact of US tariffs on the Chinese economy began to ease. Official data released showed that China's Gross Domestic Product (GDP) grew 5.2% year-on-year in the second quarter, slightly higher than the 5.1% forecast, although it remained the slowest growth in three quarters.
Market participants are now attending the Chinese Politburo meeting in July, which is expected to produce new policies to support economic growth. Other stocks that recorded significant gains include Sino Biopharmaceutical (4.8%), China Tower Corp. (3.9%), and Techtronic Industries (3.7%), adding to the positive sentiment on the Hong Kong stock exchange.
Source: (ayu-newsmaker)
