HK stocks gain ground as region awaits catalyst
The Shanghai stock benchmark ended largely unchanged on Friday while Hong Kong shares inched higher, as investors held out hope for more fiscal support at home even as they awaited a fresh catalyst from overseas markets following a recent global bond sell-off. The benchmark Hang Seng Index gained 310 points, or 1.2 percent, to 26,009 on turnover of HK$257.28 billion. The tech index was 65 points,…
Hong Kong's stock market saw gains on Friday as investors remained hopeful for additional fiscal support, despite the recent global bond sell-off. The Hang Seng Index rose 1.2%, closing at 26,009, while the tech index increased by 1.4% to 4,766. The China Enterprises Index also saw a 1% rise, ending at 8,634. On the mainland, the Shanghai Composite Index remained unchanged at 3,905 for the day but experienced a week-long decline of 0.6%.
The Shenzhen Component Index gained 121 points, or 0.87%, to 14,094, while the ChiNext Index increased by 50 points, or 1.43%, to 3,545.
In contrast, Tokyo's Nikkei Index fell 200 points, or 0.3%, for the day and declined by approximately 4% for the week, driven by Middle East conflict uncertainty and rising oil prices. The Topix Index in Japan only managed a seven-point, or 0.2%, increase, but still experienced a 3.1% decline, marking its worst performance since early March.
In South Korea, the Kospi Index closed at 6,912, up by 0.88%, but still dropped 0.9% for the week, as tech-heavy benchmarks mirrored overnight gains in US counterparts. Market observers will soon shift their focus to US Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole symposium for insights on potential measures to address inflation and government debt.
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.
