Hang Seng Marks Best Week Since March
The Hang Seng climbed 301 points, or 1.2%, to 26,387 on Friday, rising for the sixth session to its highest since August 2021. The index surged 3.8% for the week, its strongest weekly rise since March, amid Wall Street's record highs as rising US jobless claims reinforced bets of a Fed rate cut next week, with more easing likely through year-end.
Adding to the bullish mood, US Treasury Secretary Scott Bessent will meet Chinese VP He Lifeng in Madrid next week to continue talks on trade, economic, and security issues. However, further strength was limited by caution ahead of China's activity data for August, set to be due next week.
Tech shares led the gains on renewed AI optimism, while consumer and property stocks rose as Beijing moves to help local governments cover unpaid bills. Alibaba and Baidu jumped after unveiling internally developed chips to train AI models, reducing reliance on Nvidia. Other top movers included China Hongqiao (6.1%), Akeso (6.0%), and Zhaojin Mining (4.3%).
Source : Trading Economics