Hong Kong Market Rebounds Amid Positive Global Outlook

The Hong Kong stock market ended its two-day decline, with the Hang Seng Index rising modestly. Key sectors such as technology and financials led the gains, reflecting a positive global outlook. Despite some mixed economic signals, investor sentiment remains optimistic.

Date: 24-12-2024

AI Rating: 6

The report highlights a modest recovery in the Hong Kong stock market, with the Hang Seng Index increasing by 162.43 points or 0.82 percent to finish at 19,883.13. This rebound followed a two-day slide, where the index had fallen more than 140 points.

The recovery was supported by gains from financials, properties, technology stocks, and oil companies. Notably, several technology stocks experienced increases, reflecting a positive sentiment in global markets.

The U.S. markets showed positive momentum on Monday, with the Dow, NASDAQ, and S&P 600 all closing higher, which likely influenced the positive outlook for Asian markets. The NASDAQ's rally, particularly in semiconductor and computer hardware stocks, signals strength in technology, which could positively impact related stocks in Hong Kong.

However, economic news from the U.S. indicates mixed signals. New orders for manufactured durable goods fell more than expected in November, and consumer confidence unexpectedly declined in December. These factors may create cautious sentiment among investors moving forward.

Oil futures settled lower, indicating concerns about potential excess supply and a stronger dollar's influence. This could affect companies in the oil sector, such as CNOOC, which showed a significant gain of 2.23 percent despite these broader challenges.

Stocks: BABA CNOOC AMAT INTC CSCO