Hong Kong Stocks Retreat Amid Profitable Gains
Hong Kong stocks declined on Friday as investors secured profits following the benchmark index reaching a four-year high. Despite the recent downturn, analysts forecast continued bullish trends due to favorable valuations and interest in China's tech sector.
Hong Kong stocks experienced a downturn on Friday, marking a 0.54% decrease in the Hang Seng index after it reached a new four-year high. Investors opted for profit-taking, ending a three-day winning streak.
The tech sector, which saw significant gains in the previous session, fell by 0.9%. Notable declines included automakers BYD and Xpeng, which dropped 4% and 2.8% respectively, while short-video app Kuaishou saw a 3.4% decrease. Mainland property firms listed in Hong Kong were also among the biggest losers, falling by 1.3%.
Analysts maintain a positive outlook for the Hong Kong stock market despite the volatility, citing attractive valuations in Chinese equities and burgeoning interest in the country's tech sector. Mainland China markets are closed from October 1 to 8 for the Golden Week holiday, potentially influencing market activities.
(With inputs from agencies.)
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