Local market up on tech recovery

  • Market Overview

On Wednesday, the local market ended a three-day losing streak, boosted by Naspers (JO: NPNJn ) and tech counters making up some of the previous day’s losses after the Chinese media “toned down their criticism of the gaming industry”.

Wall Street started the day on a low note as renewed Covid-19 fears fuelled concerns around slowing economic growth that weighed on economic-sensitive counters such as banks and industrials.

In Europe, indices enjoyed a solid run, lifted by positive sentiment on a buoyant earnings season and tech shares reaching a 20-year high.

The Hang Seng closed up due to the tech sector recovering some of the previous day’s losses, with Tencent (HK: 0700 ) reporting a daily increase of over 2%.

However, the Nikkei dipped on the back of profit-taking after Toyota released upbeat quarterly earnings.

In commodities, gold gave up earlier gains as investor worries rose that the US Federal Reserve could taper its asset-buying stance later in the year.

Brent crude extended losses for a third consecutive day, reaching a two-week low in light of an unexpected rise in US stockpiles, weak US economic data and surging global Covid-19 infections.

PSG Wealth Daily Investment Update, 5 August 2021

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