Hang Seng Rallies 7.0% in Weekly Performance
The Hang Seng soared 806 points or 3.7% to end at 22,620 on Friday, ending at its highest in over four months and reversing a small drop in the prior session. Solid gains were broad-based, with tech index surging 5.6% as DeepSeek's popularity boosted confidence in China's AI sector.
The benchmark index jumped 7.0% weekly, up for the fifth straight period, buoyed by a renewed pledge from PBoC that it will tweak monetary policy to support the economy. The central bank also vowed to keep ample liquidity and align money supply growth with economic and inflation targets.
Meantime, China's President Xi Jinping is set to chair a symposium next week to spur private sector sentiment, joined by key business leaders, including Alibaba co-founder Jack Ma. Locally, Hong Kong will ease IPO rules for mainland firms. BYD Co. surged 7.3% amid reports of its mining rights in Brazil’s Lithium Valley. Other strong movers were Tencent Hlds. (6.8%), Xiaomi Corp. (6.7%), Meituan (6.1%), and Trip.com (4.2%).
Source: Trading Economics