FX.co ★ Hang Seng Rallies After Early Dip on Tech Boost

On Tuesday, the Hang Seng Index advanced by 387 points, or 1.6%, closing at 24,590, marking its highest level in nearly four months and extending its rise to a fourth consecutive session. The index reversed early losses, with all sectors displaying upward momentum, particularly technology and consumer stocks. The technology sector, in particular, climbed appreciably by 2.8%, driven by significant gains in companies like Kuaishou Technology (up 3.8%), Meituan (up 3.5%), and Tencent Holdings (up 2.3%). This surge was partly due to Nvidia's optimism about resuming sales of its H20 general-purpose chips in China. Consumer, property, and financial stocks also experienced growth as concerns subsided regarding the repercussions of U.S. tariffs on China's economy. Official data indicated that China’s GDP expanded by 5.2% year-over-year in the second quarter, slightly surpassing predictions of 5.1%, though it still represented the slowest growth rate in three quarters. Optimism also increased over the possibility of new policy measures to foster growth following the upcoming July Politburo meeting. Other significant gainers included Sino Biopharmaceutical (up 4.8%), China Tower Corporation (up 3.9%), and Techtronic Industries (up 3.7%).