Hang Seng Down But Posts Weekly Gain
The Hang Seng fell 225 points, or 1.1%, to close at 20,728 on Friday after trading slightly higher in the morning, shaken by declines in the property, consumer and financial sectors. Sentiment turned cautious as China prepares to hold a press conference later in the day, ending a week-long session of its top legislature. Some analysts say immediate fiscal stimulus is needed rather than piecemeal action.
Meanwhile, concerns are growing over the potential for higher tariffs if Donald Trump secures a second term as U.S. president. China’s CPI and PPI data are expected over the weekend, with deflation risks persisting. Still, the index posted a weekly gain of 1.1%, its first gain in five weeks, supported by a 25bps rate cut from the Fed and Hong Kong’s monetary authority.
Fed Chair Powell noted that the U.S. election would not affect near-term policy. Tencent and Meituan fell 1.6% and 3.5% respectively, while other stocks that saw big declines included Longfor Group (-5.6%), Sunshine Insurance (-5.3%), and China Overseas Land (-3.4%).
Source: Trading Economics
