Hong Kong Stocks Continue To Fall But Point To Strong Weekly Gains
Hong Kong stocks fell 214 points, or 0.9%, to 23,241 on Friday, posting a second straight session of losses amid declines across all sectors. Investors were cautious ahead of key Chinese April data due next week, including industrial production, retail sales and home prices.
Meanwhile, the People’s Bank of China is set to review its benchmark lending rate, which has remained at a record low in recent months to support the struggling economy. Alibaba Group Hlds. plunged 4.9% after reporting disappointing quarterly earnings. Other big losers included Kuaishou (-3.0%), Meituan (-2.7%), Trip.com (-2.2%), and China Resources Land (-1.8%).
However, the Hang Seng Index remains on track for a fifth straight weekly gain—its longest streak since February—up more than 1.5% so far. Sentiment was boosted by the easing of Sino-US trade tensions following the Geneva Agreement and Beijing's decision to lift restrictions on rare earth exports for three months and lift trade and investment bans on 17 US companies. (Newsmaker23)
Source: Trading Economics
