Hang Seng Rises, But There's a Price Tag
The Hang Seng Index rose 192 points (+0.75%) to close at 25,690 on Friday, extending its rally to three consecutive sessions as nearly all sectors advanced. Sentiment was also boosted by the strengthening of mainland Chinese stocks, coupled with reports that ByteDance had reached an agreement with three major investors to form a joint venture to operate TikTok in the US, in an effort to avoid a potential ban. The market was also supported by hopes of new stimulus from Beijing before the end of the year, while market participants awaited the People's Bank of China's central bank's interest rate decision.
On the stock front, Man Wah Holdings jumped 7.3% after agreeing to acquire US furniture maker Gainline Recline Intermediate for US$58.7 million (including debt). CSPC Pharma rose 2.8% on positive trial results for its psoriasis drug, followed by gains in Nongfu Spring (+3.8%), Galaxy Entertainment (+2.2%), and Meituan (+1.5%). Despite closing higher, the Hang Seng still recorded its second weekly decline (-1.1%), weighed down by concerns about the surge in global AI spending, which is considered to have overvalued the market, and weakening Chinese economic momentum in November. (az)
Source: Newsmaker.id
