Hong Kong Stocks Snap Three-Day Rally; Progressive Path Rises 14%

MT Newswires Live11-21 17:32

Hong Kong stocks ended lower Thursday after three straight days of gains, as sentiment soured due to lackluster corporate earnings.

The Hang Seng Index retreated 0.5%, or 103.90 points, to finish at 19,601.11. The Hang Seng China Enterprises Index slid 0.8%, or 55.97 points, to close at 7,034.89.

Bloomberg data shows that of the HSI-listed companies that have reported quarterly results so far, the average profit growth is 0.1% year over year, a significant decline from the 7.3% increase recorded in the previous quarter.

The underwhelming fourth-quarter revenue guidance of Nvidia, the world's largest artificial intelligence and computing firm, compounded the downbeat mood.

In corporate news, shares of Progressive Path Group (HKG:1581) closed 14% higher on Thursday after the company said it expects its fiscal first-half profit to increase to between HK$11 million and HK$13 million from HK$3 million in the year-ago period.

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