Hang Seng Retreats from Near 4-Year High But Up for the Week
The Hang Seng Index lost 279 points or 1.1% to close at 25,388 on Friday, snapping a five-session winning streak as traders locked in profits ahead of a key Politburo meeting next week. Markets pulled back from a near four-year peak amid growing skepticism that Beijing will unveil large-scale stimulus, with attention shifting to U.S.-China trade talks.
Delegations from both countries are set to meet in Stockholm next week to negotiate an extension of the current truce before the August 12 deadline. Without a deal, tariffs could jump to 145% on U.S. exports and 125% on Chinese goods. Notable decliners included Kuaishou Tech (-4.9%), Akeso Inc. (-3.3%), Meituan (-3.0%), and Pop Mart Intl. (-2.8%).
Despite the daily loss, the index gained 2.3% for the week—its third straight weekly advance—supported by optimism over a major hydropower project in Tibet and new policy support from Beijing, including a draft amendment to the pricing law aimed at curbing excessive competition and price wars.
Source : Trading Economics
