Hang Seng Jumps 3% This Week
The Hang Seng lost 41 points or 0.2% to close at 24,284 on Friday, marking a second session of drop after a brief rise in morning trade.
Sentiment turned cautious after China’s industrial output slumped 9.1% yoy in May, the first fall in three months, dragging year-to-date output down 1.1% amid deflation risks and rising U.S. tariffs.
Traders were also worried ahead of key PMI data in China next week from official and private sources. Still, the index surged 3.2% this week, reversing a prior weekly loss, boosted by easing Sino-U.S. trade tensions after a rare earth shipment framework deal, fresh support measures from Beijing to spur consumption, and robust Hong Kong’s IPO market.
Property stocks dragged, with steep losses from China Overseas Land (-3.9%), Henderson Land (-2.3%), and Longfor Group (-1.8%). Pharma names also fell, notably Akeso Inc. (-2.6%) and Innovent Biologics (-2.2%). In contrast, Xiaomi Corp. hit a record high after launching a new EV model with strong pre-orders.
Source: Trading Economics
