Hong Kong stock indexes on Monday, August 19, showed growth against the background of the rising value of shares of technology companies.
The mentioned increase in stock indexes has become the biggest in the last two weeks. Currently, investors are focused on the upcoming earnings season. They also pay attention to the potential cutting of interest rates in the United States.
The Hang Seng index rose 0.8% at the close of trading, reaching 17,569.57 points. The Tech Index grew by 3% in early trading. At the same time, the Shanghai Composite index rose 0.5%.
The value of JD Health International shares increased by 7.9% to HK$ 23.15 per equity. At the same time, the securities of its parent company JD.com increased by 3.9% to HK$ 112.40 per share.
Xiaomi shares rose 1.7% to HK$17.62 per equity. The value of Baidu securities grew by 2.4% to HK$85.80 per share.
Equities Li Auto rose 5.3% to HK$80.65 per security. Xpeng shares increased in price by 3.8%, to HK$ 27.60 per equity.
Investors are currently awaiting a speech by Federal Reserve Chairman Jerome Powell this week in Jackson Hole, Wyoming. According to preliminary forecasts, statements will be made at this event regarding the intentions of the central bank of the United States in the context of making changes to the monetary policy strategy. At the same time, the Fed’s standard communication practice provides for a preference in favor of a kind of tactic of silence concerning the most likely further actions of the financial regulator of the US in the context of issues of sensitive importance to the country’s economic system as a whole. For this reason, likely, the mentioned forecast will not coincide with reality.
US stock indexes are currently on a positive trajectory within the framework of the upward dynamic. Concerns about the slowdown in the United States economy have eased, as a result of which the mentioned indices began to show more positive indicators.
Kenny Ng, a securities strategist at China Everbright Securities International, says that this week the Hong Kong stock market has an opportunity to demonstrate short-term growth.
It is worth noting that markets in Western countries are currently on an upward trajectory. The corresponding state of affairs is the result of such a factor as the easing of fears associated with the risk of recession in the space of the United States economic system. Also, in part, the mentioned upward dynamic is facilitated by such a circumstance as growing expectations regarding the lowering of borrowing costs by the Fed next month.
Moreover, Hong Kong stock indexes are currently entering the earnings season, which will determine the vector of the dynamic of the market.
It is worth noting that in Hong Kong, a downward dynamic of shares was also recorded in some cases. For example, the securities of car dealer Zhongsheng Group Holdings fell 3.4% to HK$9.26 per equity.
The value of shares of semiconductor and electronic equipment manufacturer ASMPT fell 3.4% to settle at HK$85.30 per equity.
As we have reported earlier, Hong Kong’s Video Gaming Sector to Boost Due to GenAI.
