HK stocks find more solid ground as rate fears lessen
Mainland stocks edged down on Friday and ended the week lower as a rally in artificial intelligence shares lost momentum and concerns over higher US yields weighed on global equities. In Hong Kong, the benchmark Hang Seng Index ended 437 points, or 1.7 percent, at 25,650 on turnover of HK$276.86 billion. The tech index rose 101 points or 2.3 percent, to 4,569 while the China Enterprises Index…
Hong Kong's Hang Seng Index rose to close at 25,650, up 1.7 percent, after Federal Reserve governor Christopher Waller indicated he might keep interest rates steady at the US central bank's meeting if inflation data showed continued moderation. Hong Kong tech shares rebounded, with Alibaba shares gaining 2.4 percent. Chinese smartphone-to-electric vehicle maker Xiaomi shares climbed 3.6 percent due to a deal with German auto dealers.
Mainland China's Shanghai Composite Index closed flat at 3,930, while the Shenzhen Component Index fell 0.79 percent. The broader tech-focused Star50 Index and the CSI Artificial Intelligence Index both declined. Despite broad market declines, consumer staples shares rose. Morgan Stanley analysts lowered their China equity index targets, citing weaker growth outlook, tighter liquidity, less favorable flow dynamics, and rising regulatory uncertainty due to higher US yield concerns.
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