August 27, 2024 at 04:44 am EDT
(MT Newswires) -- Hong Kong stocks gained for a second day straight when the market closed Tuesday, as sentiment remained positive amid renewed hopes of US interest rate cuts and positive Chinese economic data despite PDD's slump in the New York Market.
The Hang Seng Index added 0.43%, or 75.94 points, at 17,874.67. The Hang Seng China Enterprises index rose 0.44%, or 27.73 points, at 6,306.36.
Investors remain hopeful after the US Federal Reserve's Friday meeting pointing toward the likelihood of a U.S. rate cut next month.
Further boosting investor sentiment, China's July industrial profits grew at the quickest pace in five months, increasing 4.1% from the prior year, data from the National Bureau of Statistics showed.
For the seven months ended July 31, industrial profits rose by 3.6% from the year-ago period to 4.099 trillion yuan.
The decline in gains from the previous day, however, were affected by the slump of Temu owner PDD on the New York bourse.
Shares of the owner of the popular e-commerce company sank nearly 29% after Chen Lei, its co-founder, said the company's current growth pattern is not sustainable.
In corporate news, China Overseas Property Holdings (HKG:2669) soared 6% after it logged a 16% boost in attributable profit to 737.5 million yuan for the first half of 2024.

Sumber : MT Newswires