Hang Seng Index News: Bulls Eye 24,500 as China GDP Beats Forecasts, Tech Stocks Rally

Key upcoming US inflation data, trade developments, and central bank policy guidance will continue to influence sentiment. These factors may determine if the Index retests support at 24,000 or resistance at 24,500.

Hang Seng Index Advances as China Economy Shows Resilience

US equity markets posted gains on Monday, July 14 as market focus turned to upcoming US inflation and corporate earnings. Reports of ongoing US trade talks with key trading partners contributed to the gains. The Nasdaq Composite Index advanced 0.27%. Meanwhile, the Hang Seng Index climbed 0.21% to 24,253 in early trading on July 15.

However, Mainland China markets retreated amid concerns about weaker domestic consumption and the potential effects of a proxy trade war on external demand. The CSI 300 and Shanghai Composite Index posted losses of 0.50% and 0.93%, respectively.

EV and Tech Stocks Offset Real Estate Sector Losses

Overnight reports of NVIDIA (NVDA) planning to resume H20 chip sales to China fueled demand for EV and tech stocks. CN Wire reported:

“This month, CEP Jensen Huang met with President Trump, US policymakers, reaffirming NVIDIA’s support for administration efforts to create jobs. NVIDIA to resume H20 sales to China, announces new full compliant GPU for China. US Government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon.”

Tech giants Alibaba (9888) and Baidu (9988) advanced 1.60% and 0.53% in morning trading, lifting the Hang Seng TECH Index 0.40%. Meanwhile, EV stocks Geely Auto (0175) and Li Auto (2015) rose 0.78% and 0.81%, respectively.