Hong Kong Stocks Rise Ahead of Central Bank Meetings
Hong Kong stocks closed higher on Tuesday (July 28th) as investors awaited several central bank meetings and earnings reports from major US technology companies. The Hang Seng Index rose 103.67 points, or 0.4%, to 25,310.85.
The Hang Seng China Enterprises Index also rose 70.87 points, or 0.9%, to 8,436.25. Hong Kong technology stocks showed better resilience than regional markets, although concerns about the massive spending on artificial intelligence again put pressure on shares of global chipmakers.
Market sentiment was also supported by optimism about the development of China's semiconductor industry. Enthusiasm increased following the debut of CXMT Corp. in Shanghai and reports of China's progress in developing domestically produced DUV immersion lithography machine technology.
Among individual stocks, Keymed Biosciences fell nearly 6%. The decline occurred despite the company reporting that its global phase 3 clinical trial with AstraZeneca successfully met its primary target in patients with advanced gastric cancer.
Source: Newsmaker.id