Hang Seng Index bucks regional gains
Most Asian stocks rose on Friday, tracking a record day on Wall Street, as another soft US inflation reading solidified expectations that the Federal Reserve will hold off hiking interest rates. But shares in Hong Kong bucked the trend, with the benchmark Hang Seng Index falling 279 points, or 1.1 percent, to 25,116 on turnover of HK$254.18 billion. The tech index was 84 points, or 1.8 percent,…
Despite a record day on Wall Street, shares in Hong Kong defied the regional trend. The benchmark Hang Seng Index declined 279 points, or 1.1 percent, to 25,116, marking a 1.8 percent drop. Tech stocks lagged further, with the Hang Seng technology index slipping 84 points, or 1.8 percent, to 4,707. Meanwhile, mainland China's Shanghai Composite Index edged up by a mere 0.01 percent to 3,927, while the Shenzhen Component Index gained 64 points, or 0.45 percent, to 14,354, and the ChiNext Index rose 40 points, or 1.12 percent, to 3,626.
In Tokyo, Japan's Nikkei advance 405 points, or 0.59 percent, to 68,713, achieving a 4.7 percent weekly gain. The broader Topix index also rose 21 points, or 0.51 percent, to 4,197, marking its highest close ever. South Korea's Kospi index ended the day on a high note, up 164 points, or 2.42 percent, at 6,977, its best close since July 23, buoyed by chipmaker gains driven by AI optimism.
The week-long surge in the Kospi ended with an 11.5 percent increase, marking the first weekly gain in eight weeks and the largest since early May. Crude oil prices surged nearly 2 percent, nearly reversing Thursday's decline, after the United Arab Emirates attributed attacks on two vessels related to its state-owned oil company to Iran, as they navigated the Strait of Hormuz.
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