Hang Seng Under Pressure to End at 2-Week Low
The Hang Seng tumbled 462 points, or 1.7%, to close at 26,290 on Friday, extending losses for the fifth straight session and hitting a two-week low. Tech shares led the slump, down over 3%, after China tightened rare earth export controls and stepped up enforcement of chip import restrictions to curb reliance on U.S. products such as Nvidia’s AI processors.
Consumer stocks also lost about 2.7%, as investors turned anxious ahead of key Chinese data for September next week, including trade, CPI/PPI, and credit figures. Major laggards included Zhaojin Mining (-7.4%), SMIC (-7.2%), China Hongqiao (-5.9%), Kuaishou Tech (-5.4%), and Tencent (-3.6%). Still, further losses were cushioned by continued bets on a late-October Fed rate cut as well as Wall Street’s recent record highs. Meantime, sentiment toward mainland stocks stayed upbeat, with Chinese benchmarks hovering over decade highs after the Golden Week break. For the week, the Hang Seng fell 3.1%, reversing rally from the prior period.
Source : Trading Economics
