Hang Seng Turns Early Losses to Finish Notably Higher
The Hang Seng rose 186 points, or 0.7%, to close at 25,968 on Thursday, reversing early declines as sentiment improved following reports that the U.S. and China will hold another round of high-level trade talks this weekend at the 47th ASEAN Summit.
Markets also rebounded from steep losses the previous day, as traders awaited a communique from China’s fourth plenum, which may outline the government’s economic, political, and social agenda, including five-year development plans.
Investors largely shrugged off reports that Washington could impose broad export restrictions on China in response to its rare earth curbs. All sectors contributed to the upturn, led by consumer, property, and financial stocks. Alibaba Group jumped 1.5% after launching a new AI chatbot.
Other top gainers included Meituan (4.6%) Sands China (4.3%), Chery Auto (3.3%), and Cathay Pacific Airways (2.0%). In contrast, Pop Mart Intl. tumbled almost 9% on worries over slowing revenue growth.
Source: Tradingeconomics.com
