Hang Seng Continues To Slump, Still Ends Week With Slight Gains
The Hang Seng fell 143 points, or 0.6%, to close at 23,892 on Friday, extending losses for a second session as Wall Street futures slumped and global markets turned red following Israel’s military strikes on Iran the previous day.
Rising tensions in the Middle East added a new layer of uncertainty to already fragile global markets, which are still under pressure from President Trump’s aggressive and unpredictable trade policies. The index moved away from a nearly three-month high, as most sectors declined. The technology index fell 1.7%, led by sharp declines in Horizon Robotics (-4.3%), Trip.com (-3.2%), SMIC (-2.3%), and Meituan (-1.8%).
However, the Hang Seng managed to gain 0.4% for the week, marking its second straight weekly gain, supported by signs of improving Sino-U.S. relations after a more constructive tone in trade talks earlier this week. Meanwhile, Beijing is encouraging mainland companies listed in Hong Kong to issue shares in Shenzhen as part of broader reforms to deepen capital market ties. (alg)
Source: Trading Economics
