Hang Seng Sinks 3.5% This Week
The Hang Seng fell 177 points or 0.9% to close at 19,064 on Friday, declining for the fifth session and reaching its lowest in over six weeks due to broad-based sector losses.
Nervous traders reacted to the PBoC’s decision to pause treasury bond purchases which triggered a rise in yields. Investors cautiously awaited China’s December trade data, due over the weekend. In November, exports grew less than expected, while imports unexpectedly shrank.
Meanwhile, US futures pointed to a weaker open on Wall Street, with traders bracing for NFP data later today. For the week, the index slumped 3.4%, marking its second straight weekly drop amid mounting concerns that Chinese stocks were nearing bear-market territory.
Additionally, the latest FOMC meeting minutes suggested persistent inflation risks, potentially capping the scope for rate cuts this year. Among single stocks, steep losses included JD Health Intl. (-4.8%), Meituan (-3.3%), Kunlun Energy Co. (-3.1%), and China Tower Corp. (-2.7%).
Source: Trading Economics
