Tech Stocks Rally, Hang Seng Closes Up 2%
Hong Kong stocks closed higher in Wednesday's trading (July 29), led by gains in the technology sector. The Hang Seng Index rose 497.07 points, or 2%, to reach 25,807.92.
The Hang Seng China Enterprises Index also climbed 2.2% to 8,623.52. Meanwhile, the Hang Seng TECH Index surged nearly 3%, even as concerns regarding high valuations for artificial intelligence stocks continued to loom over Asian markets.
Investors are awaiting the Federal Reserve's interest rate decision as well as earnings reports from Microsoft and Meta. The market will closely monitor AI spending outlooks to determine whether high levels of technology investment remain sustainable.
The Fed is expected to keep interest rates unchanged at this meeting. However, some investors still see a possibility of a rate hike before the end of the year, keeping market sentiment cautious.
Shares of BAIC Motor rose nearly 4%, despite forecasting a first-half net loss of between 1.55 billion and 1.65 billion yuan. Pop Mart International also gained more than 2% after opening a new store and its first overseas Pop Bakery outlet in Sentosa, Singapore.
Source: Newsmaker.id
