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The Hong Kong stock market closed higher, with the Hang Seng Index rising 2.18% to 20,657.36, as tech stocks surged. The Hang Seng TECH Index climbed 3.79%, leading market gains.
Gudou Holdings Ltd saw a 92.98% surge, leading the gainers, while Leading Holdings Group Ltd dropped by 27.78%, reflecting a mixed performance in the Hong Kong stock market today.
Chinese stock markets saw a downward trend today as key indices, including the SSE Composite Index and Shenzhen Component Index, recorded notable losses amid cautious investor sentiment.
Hong Kong's major indices closed in the red, with the Hang Seng Index falling 1.04% and the Hang Seng TECH Index down 0.78%. China's key enterprise indices also recorded losses.
China’s major indices experienced broad declines, with the CSI 1000 Index dropping 2.46% to 5,974.56 CNY and the Shenzhen Component Index sliding 1.91% to 10,544.02 CNY.
Chief Statistician Datuk Seri Dr. Mohd Uzir Mahidin highlighted that, despite the overall easing, most PPI sectors recorded increases in August, with the notable exception of the mining sector, which faced significant downturns.
The impact of the economic downturn is increasingly evident in the performance of Japanese firms operating in China. Many are encountering intensified competition from local Chinese enterprises and are now contemplating strategic withdrawals from the market. This shift marks a significant development, as it reflects a broader recalibration of business strategies in the face of an increasingly challenging environment.
Alibaba, another tech giant, recently completed the construction of its new Beijing campus, covering an expansive 470,000 square meters in the business-oriented Chaoyang District.
The key findings from the research reveal that business failures with debts of at least 10 million yen rose sharply, experiencing a 35.2% increase from the previous year, totalling 8,690 cases. This marks the second consecutive yearly rise, signalling economic stress among Japanese corporations.
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