Hong Kong stocks open lower
Asian stocks mostly rose on Friday, poised for their strongest week in two months as benign inflation data dented expectations of an imminent US rate hike, although faltering talks to end the war in the Middle East are likely to keep risk sentiment in check. In Hong Kong, the benchmark Hang Seng Index opened down 177 points, or 0.7 percent, at 25,219. The China enterprises index was 50 points, or…
Hong Kong's stock market started the day on a bearish note on Friday, with the benchmark Hang Seng Index falling 0.7%, or 177 points, to 25,219. The China enterprises index and the tech index also experienced a dip, closing 0.59% and 0.6% lower, respectively. Meanwhile, the Shanghai Composite Index managed to inch up by three points, or 0.08%, to 3,930.
In Tokyo, the Nikkei opened higher by 502 points, or 0.74%, at 68,811, paving the way for an expected gain of over 5%. In Seoul, the Kospi was poised to end a seven-week decline, rising to its highest level in three weeks as chipmakers benefited from optimism surrounding AI. However, the gains were short-lived as the benchmark stumbled to a 98-point rise before lunch.
Brent oil prices paused their decline, settling at US$87.03 per barrel after a drop on Thursday, but were on track for a 4% weekly gain, following US threats to impose further economic pressure on Iran. Despite inflation reports indicating pricing pressure remained under control, and the odds of a Fed rate hike next month dwindling, markets have remained focused on the AI theme and monetary policy outlook, rather than the lack of progress in the Iran war, which could reignite inflation concerns.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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