Hang Seng Posts Weekly Loss of 3.5%
The Hang Seng dipped 376 points, or 1.4%, to close at 25,907 on Friday, marking its third consecutive session of losses amid broad-based declines across sectors.
Market sentiment weakened after China’s official PMI showed manufacturing activity declining at the fastest pace in six months in October, while services growth remained subdued. Meanwhile, the temporary U.S.-China trade truce failed to lift confidence, with investors viewing it as a short-term pause rather than a meaningful breakthrough.
Further pressure came after U.S. Fed Chair Powell signaled that a December rate cut is not guaranteed, citing limited data due to the ongoing U.S. government shutdown. Tech shares led the losses, with SMIC (-5.4%), Tencent Holdings (-2.9%), and Kuaishou Tech (-2.7%) retreating as investors unwound positions in Chinese semiconductor firms that had surged on AI and import substitution themes.
The benchmark fell near 1% for the week and 3.5% for October, snapping a five-month winning streak.
Source: Tradingeconomics.com
