Hong Kong Stocks Retreat Ahead of Nvidia's Earnings; Tech Counters Slide

MT Newswires Live2024-08-28

Hong Kong stocks closed lower Wednesday after two straight days of gains as tech counters retreated ahead of Nvidia's earnings.

The Hang Seng Index shed 1.02%, or 182.22 points, to finish at 17,692.45. The Hang Seng China Enterprises index lost 1.27%, or 80.37 points, to end at 6,225.99.

The local equities market saw a sell-off in tech stocks due to jitters about the financial results of Nvidia, the world's largest artificial intelligence and computing firm.

Analysts say that the US chipmaker's second-quarter earnings may define the direction markets take in the coming days and potentially lead to a global AI-driven tech rally.

"Crazy to think a single company's earnings report may determine the path of global equity markets and financial conditions, which could then in turn influence what the Fed can and should do in September," Bloomberg TV Asia Pacific Chief Markets Editor David Ingles said in a tweet.

Baidu (HKG:9888) led decliners with a 3.2% fall, followed by NetEase (HKG:9999), which slid 2.5%. Alibaba Group (HKG:9988) shed 1%.

In corporate news, shares of condiments manufacturer Yihai International Holding (HKG:1579) fell nearly 6% after it posted a 14% drop in attributable profit for the first half of 2024.

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