Hang Seng Rebounds on Dip Buying, Banks and Technology Support
Hong Kong stocks rallied on Wednesday (April 29) after investors bought on dips following the previous session's decline. The Hang Seng Index rose around 300 points, or 1.2%, to around 25,985, driven by selective buying in large-cap stocks, particularly in the banking and technology sectors, although global risk appetite remained cautious.
Regional bourses opened lower, following Wall Street's decline, led by the technology sector. US technology sentiment was weighed down by market concerns about the returns from large AI infrastructure spending ahead of the release of megacap company earnings reports. This trend caused Asian markets to move in a mixed manner, with investors continuing to weigh the risk of valuation adjustments in growth stocks.
Externally, oil prices held firm as market participants monitored developments in the Iran peace talks, while concerns about the Strait of Hormuz kept energy supply risks high. This maintained volatility across assets and kept market participants on the defensive, although dip buying provided short-term support for the Hong Kong index.
At the stock level, gains were led by several big names: AIA Group (up 1.5%), Tencent (0.9%), Xiaomi (0.2%), Meituan (2.5%), and Pop Mart International (2.4%). However, the rally is considered fragile as investors remain wary of geopolitical dynamics and the direction of global sentiment, particularly regarding the energy and technology sectors. (asd)
Source: Newsmake.id
