Hang Seng Reverses Early Losses, Logs Second Straight Weekly Gain
The Hang Seng index rose 0.6% to 26,085, marking its second consecutive weekly gain of 0.8%. U.S. futures and optimism around AI development supported sentiment, despite concerns over China's shadow banking. Tech, financials, and consumer stocks led gains, with Moore Threads Technology Co. surging in its Shanghai debut. Xiaomi Corp., Zijin Gold International, and Meituan were top performers.
The Hang Seng rose 149 points, or 0.6%, to close at 26,085, reversing morning losses and marking a second straight session of gains.
An uptick in U.S. futures supported sentiment ahead of the U.S. PCE index, a key inflation gauge preferred by the Fed, ahead of the FOMC’s final meeting for the year next week, where another rate cut is expected.
Investors also looked past concerns over China’s shadow banking practices, hopeful that Beijing may deliver fresh stimulus to a slowing economy.
Most sectors contributed, led by tech, financials, and consumer stocks.
Hong Kong markets posted a second consecutive weekly gain of 0.8%, helped by renewed optimism around AI development after Moore Threads Technology Co., dubbed “China’s Nvidia”, surged roughly fivefold in its Shanghai debut.
This contrasted with weaker Hong Kong debuts for Guangzhou Xiao Noodles and Guangdong Tianyu Semiconductor.
Other top performers included Xiaomi Corp. (2.5%), Zijin Gold International (1.7%), and Meituan (1.2%).
