Hang Seng Down Today, But Posts Weekly Gain
The Hang Seng Index fell 249 points, or 1.0%, to close at 25,270 on Friday (August 15), weakening for a second session as all sectors declined. Weak July data in China hit investor sentiment, with industrial output growing at its slowest pace in eight months, retail sales hitting a six-month low, and the unemployment rate rising to a four-month high of 5.2%. China's statistics agency also warned of ongoing risks from global headwinds and weather disruptions.
However, the index rose 1.7% for the week, its second consecutive gain, helped by Wall Street's record high, optimism over a possible Fed rate cut in September, and a 90-day extension of the US-China trade truce. Meanwhile, Beijing unveiled measures to ease pressure on the economy, subsidizing consumer loan interest rates and directing state-owned enterprises to buy unsold homes from struggling developers. NetEase fell 3.6% due to weak gaming revenue. Other stocks that experienced declines included Sun Hung Kai Properties (-5.3%), Henderson Land (-4.8%), MTR Corp (-3.1%), Sunny Optical Tech (-2.8%), and Meituan (-2.3%). (ayu)
Source: Trading Economics
