Hong Kong Shares Rise But Weekly Loss Looms
Hong Kong shares rose 165 points, or 0.7%, to 23,399 in early trading on Friday, snapping a three-day losing streak amid broad sector gains. The market recovered from a three-week low after China’s central bank kept its main lending rate unchanged, as expected, following a record cut in May aimed at boosting the economy and offsetting the impact of rising U.S. tariffs.
Sentiment was further boosted by hopes that China’s top legislature could recommend fresh stimulus measures during the early July session. However, for the week, the Hang Seng is on track for its first decline in three terms, down about 2% so far, weighed down by concerns over possible U.S. involvement in the Israel-Iran conflict.
Meanwhile, the Fed reiterated that inflation risks remain “significant,” suggesting a more cautious path for interest rate cuts in 2026, though it still left room for two more cuts this year. Early gainers included Sunny Optical Tech (3.7%), Laopu Old (2.5%), Chow Tai Fook (1.8%), and SMIC (1.7%).(alg)
Source: Trading Economics
