Hang Seng Down But Posts Third Straight Weekly Gain
The Hang Seng plunged 426 points, or 2.1%, to close at 19,971 on Friday after a strong session the previous day, weighed down by big declines across sectors. Investors were disappointed after China’s Central Economic Work Conference ended without providing specific policy details on fiscal stimulus, although top leaders pledged to spur consumption.
Traders were also cautious ahead of next week’s FOMC meeting, with some experts warning that a recent pick-up in U.S. inflation could delay or alter plans for a rate cut next year. In China, November activity data including industrial output and retail trade are due next week.
However, the index rose 0.5% for the week, posting a third straight gain following moves by major Chinese cities such as Shanghai and Beijing to roll out new voucher schemes ahead of the holiday season. Some of the biggest losers today included Longfor Group (-7.5%), Geely Auto (-5.6%), Li Auto (-4.9%), China Hongqiao Group (-4.2%), and Trip.Com (-3.3%).
Source: Trading Economics
