Hong Kong Stocks Set for Strong Weekly Gain
Hong Kong stocks plunged 51 points, or 0.2%, to 24,324 in early trading on Friday (March 7), ending a three-day winning streak amid losses mostly from the financial sector. The stock market fell from its highest level in more than three years following an overnight slump on Wall Street, driven by uncertainty over U.S. trade policy.
This was mainly driven by President Donald Trump’s decision to suspend levies on Mexican and Canadian goods covered by the North American trade agreement. In addition, caution is growing ahead of key data from China, including January-February trade data today, in addition to CPI and PPI readings over the weekend. Early laggards include JD Logistics (-11.1%), JD Health Intl. (-11.0%), and Miniso (-3.7%).
Still, the Hang Seng is expected to post a strong weekly gain, up 6.0% so far this year, after a decline in the previous period, driven by AI optimism and China’s 2025 economic plan targeting 5% GDP growth, boosting demand through expanded fiscal stimulus and weathering a property market downturn.
Source: Bloomberg