Hang Seng Index slips amid mixed market openings

Hang Seng Index slips amid mixed market openings
The Hang Seng Index lost 204 points, or 0.87 percent, to open at 23,249.16 for the day. File photo: RTHK
The Hang Seng Index fell 204 points, or 0.87 percent, to open at 23,249.16 on Friday.
The retreat came as stocks across the border started lower, with the benchmark Shanghai Composite Index losing 0.18 percent to 3,374.71 in opening trades.
The Shenzhen Component Index opened 0.28 percent lower at 10,157.68.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was down 0.36 percent to open at 2,035.87.
The region got off to a good start with Australian shares jumping to an over two-month high, led by gains in banks and miners, ahead of the Reserve Bank of Australia's policy decision next week, when the central bank is widely expected to cut interest rates.
The S&P/ASX 200 index rose as much as 1.2 percent to 8,398.2, its highest level since February 20. The index was on track to log its eighth consecutive session of gains.
The Nikkei Stock Average opened at 37,748.58, down 6.93 points, or 0.02 percent.
The Korea Composite Stock Price Index opened at 2,630.64, up 9.28 points, or 0.35 percent.(Xinhua/Reuters)

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

RTHK

6 hours ago

• RTHK

'New Payment Connect service is fast and convenient'

'New Payment Connect service is fast and convenient' The Monetary Authority said Payment Connect had a smooth start on Sunday. File photo: RTHK Finance sector lawmaker Ronick Chan on Sunday said a new cross-border electronic payment service is convenient for both Hong Kong and mainland people. His comment came as the Payment Connect had a smooth start, with thousands of payments made on the first day of operation. There were 2,000 northbound transactions and 7,400 southbound payments made as of noon on Sunday, according to the Monetary Authority. The new service links up Hong Kong's Faster Payment System with the mainland's Internet Banking Payment System, allowing FPS users to transfer up to HK$10,000 a day per account to the mainland, with an annual cap set at HK$200,000. Speaking to RTHK, Chan said the new system has proven to be a quick and easy money transfer mechanism. He said in the past, remittances had to be handled by banks during office hours and the process took one to two days to be completed. 'Right now, it takes just a few seconds' time to complete the whole transaction. I think it really offers members of the public in both the mainland and Hong Kong a very convenient way of completing their money transfer,' he said. Chan also said the current limit for transactions is sufficient for users, adding that people can transfer money via different bank accounts if necessary.

RTHK

10 hours ago

• RTHK

HK's financial centre position strengthening: FS

HK's financial centre position strengthening: FS Paul Chan said the SAR's economy has demonstrated strong resilience, achieving nine consecutive quarters of GDP growth. File photo: RTHK Financial Secretary Paul Chan says Hong Kong's position as an international financial centre is strengthening, citing increased trading volumes and its leading global IPO market. Writing in his weekly blog on Sunday, Chan said the SAR's economy has demonstrated strong resilience, achieving nine consecutive quarters of GDP growth and surpassing HK$3 trillion. He said the stock market regained an upward trajectory over the past year, marked by significant increases in trading volume, with the average daily turnover now exceeding HK$240 billion. Chan noted that since Hong Kong Exchanges and Clearing added chapter 18A to its main board listings rules – enabling listings for biotech companies without revenue or profits – the number of such companies has risen significantly. "Since the implementation of the '18A' reform in 2018, the number of newly listed companies in the new economy and biotechnology sectors has risen to about 370, accounting for approximately 14 percent of all listed companies, with a market capitalisation share exceeding 27 percent and trading volume share surpassing 30 percent," he said. "The '18C' reform introduced in 2023, along with the recent proposal for a 'Technology Enterprises Channel' and the facilitation of the return of China concept stocks listed in the United States, reflects our ongoing assessment of circumstances and commitment to reform, continually enhancing the attractiveness and competitiveness of the stock market." Turning to innovation, the finance chief reported significant investment in research and development (R&D) and growth in start-ups, expressing expectations for Hong Kong to become a top cross-border wealth management hub. "Innovation and technology is another important engine for Hong Kong's economic development. Local R&D expenditure approached HK$33 billion in 2023, rising 10 percent year-on-year. The number of local start-ups reached a record high of about 4,700 by the end of last year," he said. "Science Park and Cyberport, as flagship innovation and technology hubs, have nurtured and supported 22 listed companies and 20 unicorns, with their start-ups holding over 700 intellectual property rights." Chan also said he will lead a delegation of about 30 start-up representatives to the World Economic Forum's Annual Meeting of the New Champions in Tianjin. He said the goal is to introduce Hong Kong's examples in innovative technology R&D and application to international investors and innovation leaders.

RTHK

12 hours ago

• RTHK

Landlords urged to register basic housing units early

Landlords urged to register basic housing units early Housing Secretary Winnie Ho has called for the early registration of basic housing units. File photo: RTHK Secretary for Housing Winnie Ho has urged subdivided flat landlords to register their properties as basic housing units as soon as possible. Her call came after the government gazetted the Basic Housing Units Bill, which will be introduced into the Legislative Council for its first and second readings next month. From as early as March, landlords will have a year to register followed by a three-year grace period to renovate their flats to meet government requirements, which include a minimum size of eight square metres. Speaking on a Commercial Radio programme on Sunday, Ho said the government would reduce or waive a HK$3,000 accreditation fee for owners who register and complete any renovations early. 'Landlords who register early will enjoy the grace period and an exemption of the accreditation fee. We have designed a fair system, so landlords don't need to hesitate.' Ho said in four years she expected to see around 80,000 basic housing units meeting government requirements. She also said she thought the rent for these units would not rise that much as there would be more public housing supply in future.