Hong Kong Stocks Rally Driven by Tech Rebound from JD.com and Xiaomi

Thursday, 22 August 2024, 02:39

Hong Kong stock market gains momentum as Hong Kong stocks rebound, led by JD.com and Xiaomi’s strong earnings. The Hang Seng Index rose 0.4% to 17,462.74 amid positive sentiment following the Federal Reserve's latest meeting. Investors are optimistic about the future of Chinese stocks as tech sectors flourish.
South China Morning Post
Hong Kong Stocks Rally Driven by Tech Rebound from JD.com and Xiaomi

Hong Kong Stock Market Reacts to Strong Earnings

Hong Kong stocks recently snapped a two-day losing streak, with JD.com spearheading a tech rebound following a recent sell-off. The Hang Seng Index added 0.4% to 17,462.74 at 10 AM local time, while the Tech Index surged 0.9% and the Shanghai Composite remained stable.

Top Performers in Hong Kong Stocks

  • JD.com rebounded 2.5% to HK$105, recovering from Wednesday's losses linked to Walmart’s stake sale.
  • Xiaomi soared 6.2% to HK$18.60 after reporting a 32% rise in Q2 revenue of 88.9 billion yuan (US$12.4 billion), supported by strong smartphone sales and electric vehicle deliveries.
  • Insurer AIA advanced 2.4% to HK$52.65 due to a 53% surge in first-half profits amid a policy-buying spree from mainlanders.

Market sentiment received an additional boost after the Federal Reserve meeting, where the majority hinted at a likely policy easing in the upcoming meeting if economic data meets expectations.

Despite the gains, Henderson Land saw a decline of 1.6% to HK$21.30 after its earnings halved, reflecting struggles in the Hong Kong property and retail markets.

Asian Markets Movement

Other key Asian markets also experienced gains, with Japan’s Nikkei 225 Index climbing 1%, South Korea’s Kospi up by 0.1%, and Australia’s S&P/ASX 200 increasing by 0.2%.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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