Is Hang Seng Still Going Strong?
Hong Kong's Hang Seng Index opened up 75 points, or 0.28 percent, to 26,508 on Tuesday, marking its fourth consecutive day of gains. This increase was driven by the relatively stable financial sector ahead of the major issuers' earnings season. Investors appeared to be entering selectively, not euphorically, but enough to maintain upward momentum.
Financial stocks were the main drivers early in the session. HSBC rose 1.1 percent ahead of its earnings release, AIA Group gained 0.9 percent, Hong Kong Exchanges and Clearing rose 0.4 percent, and China Ping An edged up 0.1 percent. The Hang Seng China Enterprises Index also rose 22 points (0.23 percent) to 9,489, indicating continued interest in mainland Chinese stocks in Hong Kong.
The technology sector performed mixed. The Hang Seng Tech Index rose 27 points (0.44 percent) to 6,198, led by a 0.8 percent rise in JD Group and a 1.1 percent rise in Kuaishou. Alibaba also edged up 0.2 percent, while Tencent and Meituan remained flat. Xiaomi, however, fell 0.8 percent, indicating continued pressure on some growth stocks. Overall, the Hong Kong market remains in wait-and-see mode: optimistic, but awaiting earnings reports before venturing further. (az)
Source: Newsmaker.id
