Hang Seng Wraps Up Strong Month Despite Friday Slump
The Hang Seng slipped 284 points or 1.2% to finish at 23,290 on Friday, pulling back from a strong session the day before.
The slump followed a U.S. federal court's decision to temporarily reinstate tariffs imposed by President Trump, reversing an earlier trade court ruling that had blocked them. Most sectors fell, led by sharp losses in tech and consumer stocks. U.S. Treasury Secretary Bessent remarked that trade talks with China were “a bit stalled” and may require direct intervention from Trump and Xi. Meanwhile, China’s official May PMI, due over the weekend, kept markets cautious amid concerns over fragile factory activity. Auto stocks extended losses on continued price war fears, with BYD down 3.6%.
Other decliners included Orient Overseas (-6.9%) and Techtronic Inds. (-4.5%). Still, the index gained 5.3% for the month, buoyed by strong IPO momentum in Hong Kong. Over 150 companies reportedly are in the pipeline to list in the city, with many targeting IPOs above $1 billion.
Source: Trading Economics
