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Hong Kong Shares Remain in Red Despite Wall Street Tech Rally

MT Newswires ·  May 22 16:45

Hong Kong stocks remained in the negative territory on Wednesday as investors struggled to recover from the previous day's losses despite the Wall Street tech rally.

US stocks had closed with a slight gain on Tuesday as investors attempted to guess the timing of a rate cut from the US Federal Reserve, while Nvidia's earnings report is expected later today.

The Hang Seng Index fell 0.13%, or 25.02 points, to close Wednesday's session at 19,195.60. The Hang Seng China Enterprises Index fell marginally by 0.05%, or 3.29 points, to 6,817.68.

Sinohope Technology Holdings (HKG:1611) forecasts it will log a profit of not less than HK$80 million in the six months through March 31, compared with a loss of HK$232.4 million in the year-ago period, sending the company's share up nearly 8% at the market's close.

Capital VC (HKG:2324) expects a net profit of between HK$18 million to HK$22 million for the six months ended March 31, compared with a net loss of HK$68.3 million in the year-ago period. The company's share went up 112% at the market's close.

Add New Energy Investment Holdings' (HKG:2623) unit Shandong Ishine Mining and Shandong Dane Mining Technology entered into the assets transfer agreement for assets including the mining rights of Yangzhuang iron mine and others for a consideration of 314.5 million yuan. The company's share ballooned 135% at the market's close.

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