Alibaba Boosts Hang Seng Gains!
The Hang Seng Index edged up to 25,884.43 during Friday's trading session (July 31) in Hong Kong. The index's rise was primarily driven by Alibaba Group Holding shares, which surged 4.7%, making them the largest contributor to the market's advance.
Laopu Gold shares recorded the steepest gain, surging 10.1%. However, the market rally was uneven; only 31 of the 93 stocks in the index rose, while 61 others declined.
Of the four major sectors, only two posted gains. Trading and industrial stocks led the rise, while pressure on other sectors capped the Hang Seng's movement.
Throughout the month, the Hang Seng has surged approximately 13%. The index also rose 3.7% over the week and is on track to record its largest weekly gain since early October.
Over the past 52 weeks, the Hang Seng has risen 4.5%, yet it still lags behind the MSCI Asia Pacific Index, which has soared 31%. The Hang Seng also remains about 7.7% below its annual high. (asd)
Source: Newsmaker.id
