Hang Seng Index ends bad week with a rebound
The Hang Seng Index ended the day with gains of 292.74 points, or 1.26 percent, at 23,530.48. File photo: RTHK
Hong Kong stocks rebounded on Friday but still logged their steepest weekly decline since April, as the lack of new stimulus measures this week weighed on investor sentiment amid broader global tensions surrounding the Iran-Israel conflict.
The benchmark Hang Seng Index ended the day with gains of 292.74 points, or 1.26 percent, at 23,530.48.
The Hang Seng China Enterprises Index rose 1.38 percent to end at 8,527.07 while the Hang Seng Tech Index rose 0.88 percent to end at 5,133.14.
Across the border, the benchmark Shanghai Composite Index ended down 0.07 percent at 3,359.90 while the Shenzhen Component Index closed 0.47 percent lower at 10,005.03. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.84 percent to close at 2,009.89.
The Hong Kong stock market had witnessed a steady recovery over recent weeks, rebounding from losses triggered by reciprocal tariffs imposed by US President Donald Trump. The benchmark Hang Seng Index has advanced 17 percent in the year to date.
"The Lujiazui forum this week offered no new measures to boost the capital market, which was a potential letdown for some investors," said Jason Chan, senior investment strategist at Bank of East Asia.
The two-day gathering of top financial regulators and market participants at the annual Lujiazui Forum wrapped up on Thursday, delivering few surprises for market participants.
Sentiment is expected to remain weak, with the persistent risk of an escalation in Middle East tensions continuing to cast a shadow over markets, Chan said.
"The market could stay range-bound in the short term."
China kept its benchmark lending rates unchanged on Friday, as expected, after rolling out sweeping monetary easing measures last month to support the economy.
For the week, the Hang Seng Index was down 1.5 percent, the biggest drop since the week of April 7, while the CSI300 Index was down 0.5 percent. (Reuters/Xinhua)
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