May 05, 2024 (MENAFN via COMTEX) --
(MENAFN - Your Mind Media ) 3rd May 2024
While Mainland China stock markets are closed for the extended Labour Day Holiday until Monday, the Hong Kong Hang Seng Index gained 1.42% on the last day of the week, achieving its longest winning streak since 2018. This marks the ninth consecutive session of gains, led by the tech sector. Hong Kong's stock market has surged recently, entering bull territory, driven by factors such as appealing valuations, supportive policies from Beijing, and the city's currency being tied to the dollar, which has attracted investors. Furthermore, investors' shift from US and Japanese markets to Hong Kong could further support gains with more capital flowing in. Even though Chinese tech stocks have seen a rise, their valuations are still lower compared to historical averages and global peers, leaving room for further growth. Looking at individual stocks, the positive momentum on the Hang Seng was propelled by major Chinese tech companies, with Alibaba Group Holding contributing to the positive momentum with its 4% gain. Tencent Holdings also added 1.11%. Among the index heavyweights, AIA Group shares gained 3.37%, while China Construction Bank added almost 1%. Conversely, China Mobile ended the week slightly negative, while BOC Hong Kong Holdings saw a decline of -0.41% despite reporting a first-quarter net operating income of HK$17.79 billion, up 16.8% year-on-year, while operating expenses rose 2.9% to HK$3.99 billion from HK$3.87 billion.
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COMTEX_451931884/2604/2024-05-05T18:09:52
