Hong Kong Stocks Edge Higher
The Hang Seng Index edged up 0.2%, to around 23,120 on Thursday, as gains in financial and energy shares offset losses in technology and manufacturing stocks. Technology sentiment weakened after Alphabet shares fell 10% in extended trading following disappointing sales results, while Samsung Electronics dropped more than 3% after missing profit estimates, reviving concerns over returns on heavy artificial intelligence investment. However, Microsoft shares rose 2.8% after stronger cloud sales, offering some support to global technology sentiment. Investors also awaited BYD's third-quarter results, with consensus estimates pointing to net income of 12.1 billion yuan, up nearly 55% year-on-year from a low base. Meanwhile, the Federal Reserve held interest rates steady at 3.75%-4.00%, while Middle East tensions continued to cloud the inflation and energy-price outlook. Notable movers included PetroChina (3.2%), China Shenhua (3.1%), AIA (1.6%), and Genscript Biotech (5.5%).
The Hang Seng Index edged up 0.2%, to around 23,120 on Thursday, as gains in financial and energy shares offset losses in technology and manufacturing stocks. Technology sentiment weakened after Alphabet shares fell 10% in extended trading following disappointing sales results, while Samsung Electronics dropped more than 3% after missing profit estimates, reviving concerns over returns on heavy artificial intelligence investment. However, Microsoft shares rose 2.8% after stronger cloud sales, offering some support to global technology sentiment.
Investors also awaited BYD's third-quarter results, with consensus estimates pointing to net income of 12.1 billion yuan, up nearly 55% year-on-year from a low base. Meanwhile, the Federal Reserve held interest rates steady at 3.75%-4.00%, while Middle East tensions continued to cloud the inflation and energy-price outlook. Notable movers included PetroChina (3.2%), China Shenhua (3.1%), AIA (1.6%), and Genscript Biotech (5.5%).