Home » The Hang Seng Index hit a new low for the year, and education stocks bucked the trend and strengthened in the short term | Hong Kong Stock Market Benchmark-Mobile Financial Industry

The Hang Seng Index hit a new low for the year, and education stocks bucked the trend and strengthened in the short term | Hong Kong Stock Market Benchmark-Mobile Financial Industry

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The Hang Seng Index hit a new low for the year, and education stocks bucked the trend and strengthened in the short term | Hong Kong Stock Market Benchmark-Mobile Financial Industry

Hong Kong Stock Market Indicator: Hang Seng Index Hits New Low for the Year

Financial News Agency, December 7 – The Hong Kong stock market closed slightly lower today, with the Hang Seng Index and the State-owned Enterprises Index falling 0.71% and 0.85% respectively, reaching new lows for the year. Despite this, short-term increases in education stocks bucked the trend and strengthened.

The market hot spots for the day included the Hang Seng Index hitting a new low for the year, short-term funds increasing their positions, fluctuating macroeconomic expectations, and a strengthened trend in education stocks.

Heavyweight technology stocks saw a decline, with Kuaishou and Tencent Holdings falling by more than 1%. Other sectors that weakened included the photovoltaic sector, sporting goods, petroleum, automobiles, gold, film and television entertainment, and catering. On the other hand, rising sectors included consumer electronics, medicine, and electricity.

The total trading volume for the day continued to shrink, reaching the lowest level in the past two weeks. The proportion of short-selling funds increased again, indicating a bearish sentiment in the market.

In response to the recent weakness in Hong Kong stocks, chief strategist Zhao Wenli of CCB International Securities stated that the Hang Seng Index has almost bottomed out for the year and expects the trend of Hong Kong stocks to be W-shaped, with a low first and a high second.

Additionally, the oil sector of the Hong Kong stock market led the decline throughout the day, as well as other commodity concepts such as coal, natural gas, and non-ferrous metals. Market sentiment was impacted by the overnight settlement price of WTI crude oil futures closing down 4.07% at US$69.38 per barrel.

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Furthermore, education stocks, which had been hot in the early stage, became active again, with many stocks rising during the session. Guosen Securities pointed out that the industry prosperity is expected to be maintained due to the mismatch between supply and demand, and education companies are expected to show a strong recovery.

It is important to note that the content, data, and tools in this article do not constitute any investment advice and are for reference only. The stock market is risky, and caution should be exercised when investing.

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