Hang Seng Reverses Early Losses to Finish Higher Today
The Hang Seng rose 63 points or 0.25% to close at 24,970 on Tuesday, swinging from early losses and marking the second straight gain. Sentiment eventually improved after Washington and Beijing extended their tariff truce by another 90 days, averting triple-digit duties on Chinese exports to the U.S. Meanwhile, mainland markets have trended higher in recent weeks as investors look ahead to October’s key annual conclave, expected to focus on the next five-year economic plan.
On the economic front, China’s vehicle sales grew 14.7% yoy in July, accelerating from June's 13.8%, according to the China Association of Automobile Manufacturers. In the U.S., futures were mixed as markets awaited fresh inflation data. Most sectors in the Hong Kong bourse advanced, led by financial, property, and consumer stocks. Galaxy Entertainment jumped 1.2% on higher H1 profit. Other notable gainers included SMIC (5.4%), China Taiping Insurance (4.8%), Orient Overseas (3.0%), and BYD Electronics (2.7%).
Source: Newsmaker.id
