Hang Seng Rallies 4.0% at Finish, Marks 3-Year Peak
The Hang Seng surged 901 points, the largest one day gains since early October, or 4.0% to end at a 3-year top of 23,478 on Friday, rebounding strongly from a steep drop in the prior session.
Gains were broad-based across sectors, boosted by upbeat earnings. Meantime, the PBoC eased a liquidity squeeze, injecting a net CNY 84 billion into the Chinese financial system. The tech index soared 6.5% to a new 3-year high, with continued optimism over China's AI sector.
The benchmark index rose 3.8% weekly, its sixth weekly gain, the longest winning streak in near a year. Alibaba Group surged 14.6% to its highest since late 2021 after posting solid revenue that beat estimates and planning to add investments in e-commerce and AI. Lenovo jumped near 15% to a decade high while Xiaomi climbed 4.8% to a fresh peak.
Laopu Gold rallied 17.1% on a robust earnings outlook, while rival Chow Tai Fook Jewellery added 1.7%, benefiting from recent strength in gold prices that boosted demand for the metal.
Source: Trading Economics
