Hang Seng Plunges to 6-Week Low Amid Global Selloff
The Hang Seng tumbled 641 points, or 2.5%, to close at 25,247 on Friday, extending losses from the prior session and marking its lowest level in six weeks amid broad-based declines.
Global sentiment soured after signs of credit stress at U.S. regional banks rattled investors, while renewed trade frictions between Washington and Beijing added pressure. All sectors fell, with tech sliding around 4%, followed by consumer, financial, and property stocks. Khoon Group hit a record low after certain sanctions by government authorities in the U.S.
BYD lost 4.3% following its largest vehicle recall over design and battery safety issues. Other notable losers included SMIC (-7.2%), Pop Mart Intl. (-4.6%), XPeng (-4.4%), Meituan (-4.4%), and Xiaomi Corp. (-3.7%). For the week, the index fell near 4%, its second straight decline, on mounting cautioun ahead of a key leadership gathering next week, as well as a slew of Chinese data, including Q3 GDP, September retail sales, and industrial output.
Source : Tradingeconomics.com
