Hang Seng Sinks Almost 2% Even as Weekly Gains Hold
The Hang Seng plunged 500 points or 1.9% to end at 26,572 on Friday, its sharpest one-day drop since mid-October, snapping a four-session gain. The slump followed a tumble on Wall Street Thursday as hopes for a U.S. rate cut next month faded.
Sentiment was further rattled by comments from China’s statistics agency, which warned of persistent external risks and domestic restructuring pressures. Fresh data showed China’s factory output and retail sales rising at their weakest in 14 months in October, and fixed investment fell 1.7% in the first 10 months, the sharpest drop on record for the period.
All sectors slipped, with tech and consumer stocks each down over 2%. SMIC fell 2.7% amid concerns about a memory-chip shortage affecting Q1 orders. Other losers included XPeng (-6.9%), China Hongqiao (-3.0%), and Kuaishou Tech. (-2.9%). Still, markets posted a second straight weekly gain, up 1.3%, helped by an extended U.S. trade truce and renewed pledges from the PBoC to keep loose policy.
Source : Tradingeconomics.com
