Hong Kong Market Seesaws as Investors Take Profits Ahead of Festival
Hong Kong stocks experienced a downturn as investors secured profits from a recent rally ahead of the Mid-Autumn Festival. The Hang Seng Index fell 0.67%, impacted by declining automobile and tech stocks. Meanwhile, gold and copper prices rose, boosting related stocks amid global economic concerns.
The Hong Kong stock market faced a downturn on Monday as investors opted to lock in profits from a recent rally. This retreat occurred ahead of the one-day local Mid-Autumn Festival holiday on Tuesday.
By the market close, the Hang Seng Index fell by 0.67%, marking its second consecutive session of decline. Leading losses were the Hang Seng Automobile Index, which dropped by 1.13%. Notable stocks such as Li Auto, Xpeng, and Leapmotor also suffered declines.
Despite the overall market dip, gold and copper stocks surged. Hong Kong-listed gold miners rose significantly as the precious metal hit record highs. Simultaneously, copper prices climbed to levels unseen in over 16 months due to supply concerns, boosting relevant stocks like MMG and Jiangxi Copper.
(With inputs from agencies.)
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