Hong Kong Stocks Head For Third Straight Weekly Decline
Hong Kong stocks fell 76 points, or 0.3%, to 23,500 in early trade on Friday (3/28), reversing gains from the previous two sessions as declines spread across sectors. The Hang Seng is on track for a third straight weekly decline, down about 0.8% so far, amid concerns over tit-for-tat tariffs and upcoming auto levies from the US, along with the growing global trade dispute. Investors remain cautious ahead of China’s March PMI data next week from official and private sources. Capping further losses, Morgan Stanley raised its year-end targets for MSCI China, the Hang Seng and other China indices by 8% to 9%, citing strong Q4 earnings and rising tech/AI investment. Meanwhile, US futures edged higher ahead of today’s PCE inflation reading. Among the laggards were PICC Property & Casualty (-3.3%), Lenovo Group (-3.2%), Semiconductor Manufacturing (-1.1%), and Xiaomi Corp. (-1.0%). In contrast, Li Ning Co. jumped 4%, near a five-month high after proposing a higher dividend. (Newsmaker23)
Source: Trading Economics
