Hang Seng Slips for Third Straight Week
The Hang Seng rose 100 points or 0.5% to close at 20,590 on Friday, partly recovering from a 1.3% drop the prior day amid broad gains across sectors.
Market sentiment was upbeat, lifted by gains in Chinese markets as traders anticipated the upcoming session of China’s top legislature, expected on Nov. 4-8, where key issues in the economy will be addressed. Also, speculation grew that Beijing might front-load its 2025 bond quota and spending while seeking higher bond sales next year. On the policy front, the PBoC retained the one-year medium-term lending facility rate at 2%, after a record 30bps cut in Sept. Auto stocks saw solid gains, led by Geely Auto (8.5%), Li Auto (5.1%), and BYD Electronic (4.3%), alongside pharma stocks like Wuxi Biologics (6.3%) and Hansoh Pharmaceutical (3.5%).
However, the index fell by 1% over the week, marking its third consecutive decline amid persistent concerns about China-US trade tensions and caution ahead of China’s October PMI figures due next week.
Source: Trading Economics
