Hang Seng Dips 6.3% Weekly
The Hang Seng ended nearly flat at 19,426 on Friday, following a five-day losing streak. Gains in tech and consumer sectors balanced out losses in property and financial stocks, as traders digested mixed economic data from China. In October, industrial output in the country grew less than expected, but retail sales saw their fastest rise since February. Meantime, China's statistics agency warned of domestic and global challenges, attributing growth in some key indicators to the swift implementation of existing policies and recent new support measures.
For the week, the index sank 6.3%, burdened by downside risks to corporate earnings and tensions with the West, notably the US. Meantime, the direction of US monetary easing remains uncertain. Among individual stocks, Pop Mart Intl. surged 5.2%, while Alibaba Health dropped 5.5%. In the EV sector, Xiaomi Corp. rose 0.7% on signs of strong deliveries in October and November, whereas Geely Auto plunged 4.5% due to a major internal shake-up.
Source: Trading Economics
