Hang Seng Closes Notably Lower But Marks Weekly Rise
The Hang Seng lost 244 points or 0.9% to end at 26,242 on Friday, reversing a 2% rally in the prior session after weak trade data from China.
Exports fell 1.1% yoy in October, the first drop since February, weighed by high base effects and cooling foreign demand after months of front-loading. Imports grew 1.0%, the least in five months, on subdued domestic demand. Caution also grew ahead of China’s CPI/PPI data due over the weekend, with deflation risks persisting.
Most sectors fell, led by tech stocks as doubts mounted over the sustainability of recent AI-driven gains, while consumer shares slid on uncertainty about further policy support from Beijing.
Pop Mart Intl tumbled 6.4%, followed by Kuaishou Tech tumbled 6.2%, Innovent Biologics (-3.5%), and Chow Tai Fook (-2.4%). Still, the index rose 1.3% for the week, rebounding from the prior week’s losses, buoyed by strong foreign inflows into mainland stocks in Q3 and optimism over U.S.-China relations following an extended trade truce.
Source : Tradingeconomics.com
