Radiocor News

Hong Kong shares close slightly higher; tech stocks weigh

Hang Seng up 0.25% at 18,027 points (Il Sole 24 Ore Radiocor) - Hong Kong , 25 Jun - Hong Kong shares erased earlier losses and closed slightly higher after yesterday's flat session, hovering near their lowest levels in almost two months.

In the city's stock market dealings technology stocks dropped for a fourth straight session amid a selloff in US tech stocks overnight, with the tech-heavy Nasdaq Composite index posting its worst day since April and tech darling Nvidia dipping 6.7%.

The Hang Seng Tech Index slid 0.60%.

Property shares were higher as investors hunted for bargains after a three-day drop. The Hang Seng Mainland Properties Index rallied 1.23%.

Growth concerns continued to weigh on investor sentiment as data released in recent weeks pointed to an uneven economic recovery.

Trade tensions also continued to keep sentiment in check even as China and the European Union agreed to start talks on the plan to impose tariffs on Chinese electric vehicles imported into the European market.

Meanwhile, according to media reports Canada was seen considering curbs on Chinese EV imports, joining the US and the EU.

Also, Reuters reported that the Biden Administration was investigating major Chinese telecom firms over potential security concerns.

China Mobile, China Telecom and China Unicom were however little affected by the news.

The Hang Seng index closed up 0.25% at 18,027 points.

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(RADIOCOR) 25-06-24 11:45:58 (0282) 5 NNNN

 


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