Home » Comments on Hong Kong stocks: The Year of the Dragon is off to a good start, with the Hang Seng Technology Index rising 2.26% and education, banking and other sectors strengthening across the board_ Oriental Fortune Network

Comments on Hong Kong stocks: The Year of the Dragon is off to a good start, with the Hang Seng Technology Index rising 2.26% and education, banking and other sectors strengthening across the board_ Oriental Fortune Network

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Comments on Hong Kong stocks: The Year of the Dragon is off to a good start, with the Hang Seng Technology Index rising 2.26% and education, banking and other sectors strengthening across the board_ Oriental Fortune Network

The Year of the Dragon got off to a promising start in Hong Kong as stocks closed high on the first trading day of the lunar new year. Both of the major indexes opened lower but quickly gained momentum, signaling a positive start for the market.

The Hang Seng Index closed up 0.84%, rebounding from a more than 1% dip in early trading. Meanwhile, the Hang Seng Technology Index closed up 2.26%, recovering from a more than 2% fall in early trading.

Several industries and concepts experienced gains in the market. Notably, technology stocks saw a general rise, with China Literature Group, Meituan, Ctrip Group, GDS, JD Group, NetEase, Baidu Group, BYD Electronics, and others all experiencing positive movement. The education sector also saw strong gains, with Sile Education, Dadi Education, Excellence Education Group, Oriental Selection, and New Oriental all rising significantly. Banking and automobile stocks also strengthened across the board.

However, some industries experienced declines, with pharmaceutical outsourcing, rare earths, electricity, environmental protection, traditional Chinese medicine, non-ferrous metals, water services, and steel suffering the largest decreases. Pharmaceutical outsourcing, in particular, struggled as WuXi AppTec and WuXi Biologics fell by significant percentages.

Overall, the market showed promising signs for the start of the Year of the Dragon with several sectors gaining momentum. It remains to be seen how the market will continue to perform in the coming days.

Please note that the content published here is for informational purposes only and does not constitute investment advice. Readers are advised to trade at their own risk.

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