Hang Seng Rises 1.6% for Week
The Hang Seng rose 137 points, or 0.7%, to close at 19,760 on Friday (3/1) after dropping more than 2% in the previous session, boosted by gains in most sectors, including consumer, technology and property. The prospect of an interest rate cut by the People's Bank of China this year supported sentiment. In addition, traders welcomed the second round of the Chinese central bank's CNY55 billion swap facility operation to support the country's stock market.
Separately, China's top planning agency announced an expansion of consumer subsidies to cover smartphones and other electronics, aimed at boosting domestic demand. However, the index pared its early gains, ending the week down 1.6%, weighed down by growing caution ahead of Donald Trump's inauguration as president on Jan. 20, underscoring concerns about a potential U.S.-China trade spat. Among individual stocks, Miniso Group jumped 8.4%, followed by Smoore International Holdings (8.3%), Xiaomi Corp. (8.3%), and (6.0%), Pop Mart Int. (3.4%), and BYD Electronic Intl. (2.6%).
Source: Trading Economics
