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RTHK
8 hours ago
- Business
- RTHK
Hang Seng Index ends bad week with a rebound
Hang Seng Index ends bad week with a rebound The Hang Seng Index ended the day with gains of 292.74 points, or 1.26 percent, at 23,530.48. File photo: RTHK Hong Kong stocks rebounded on Friday but still logged their steepest weekly decline since April, as the lack of new stimulus measures this week weighed on investor sentiment amid broader global tensions surrounding the Iran-Israel conflict. The benchmark Hang Seng Index ended the day with gains of 292.74 points, or 1.26 percent, at 23,530.48. The Hang Seng China Enterprises Index rose 1.38 percent to end at 8,527.07 while the Hang Seng Tech Index rose 0.88 percent to end at 5,133.14. Across the border, the benchmark Shanghai Composite Index ended down 0.07 percent at 3,359.90 while the Shenzhen Component Index closed 0.47 percent lower at 10,005.03. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.84 percent to close at 2,009.89. The Hong Kong stock market had witnessed a steady recovery over recent weeks, rebounding from losses triggered by reciprocal tariffs imposed by US President Donald Trump. The benchmark Hang Seng Index has advanced 17 percent in the year to date. "The Lujiazui forum this week offered no new measures to boost the capital market, which was a potential letdown for some investors," said Jason Chan, senior investment strategist at Bank of East Asia. The two-day gathering of top financial regulators and market participants at the annual Lujiazui Forum wrapped up on Thursday, delivering few surprises for market participants. Sentiment is expected to remain weak, with the persistent risk of an escalation in Middle East tensions continuing to cast a shadow over markets, Chan said. "The market could stay range-bound in the short term." China kept its benchmark lending rates unchanged on Friday, as expected, after rolling out sweeping monetary easing measures last month to support the economy. For the week, the Hang Seng Index was down 1.5 percent, the biggest drop since the week of April 7, while the CSI300 Index was down 0.5 percent. (Reuters/Xinhua)
RTHK
a day ago
- Business
- RTHK
HK stocks end up plunging as Mideast fuels selloff
HK stocks end up plunging as Mideast fuels selloff The Hang Seng Index ended the day sharply down by 472.95 points, or 1.99 percent, to close at 23,237.74. File photo: RTHK Stocks in mainland China and Hong Kong ended up tumbling on Thursday as mounting conflict in the Middle East rattled investor confidence, fuelling a broad selloff across sectors. In Hong Kong, the benchmark Hang Seng Index ended trading for the day sharply down 472.95 points, or 1.99 percent, to close at 23,237.74. The Hang Seng China Enterprises Index lost 2.13 percent to end at 8,410.94 while the Hang Seng Tech Index dipped 2.42 percent to close at 5,088.32. Tech and healthcare sectors were among biggest losers, down 2.4 percent and 3.2 percent respectively. Seasoning maker Foshan Haitian Flavouring surged as much as 4.7 percent in its first day of trading in Hong Kong. The market's losses came as the Hong Kong Monetary Authority said the outlook for the direction of the Hong Kong dollar and for interbank rates remains uncertain due to carry trades and other factors. The city's de-facto central bank made the comments in response to the US Federal Reserve's overnight decision to keep rates unchanged. Up north, the benchmark Shanghai Composite Index ended down 0.79 percent at 3,362.11 while the Shenzhen Component Index closed 1.21 percent lower at 10,051.97. The combined turnover of these two indices stood at over 1.25 trillion yuan, up from 1.19 trillion yuan on the previous trading day. Shares in the chemical fiber, apparel and transportation sectors suffered the most, while those related to oil, media and entertainment rallied. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 1.36 percent to close at 2,026.82. Weakness was across the board, with the CSI rare earth sector sub-index down 1.9 percent, the real estate index down 1.7 percent and the defence sub-index down 1.8 percent. Sentiment across the region remained weak as geopolitical conflicts showed no sign of easing, with Iran and Israel exchanging further air strikes on Thursday, while the United States weighed the possibility of joining the attacks on Iran. Meanwhile, this week's much-hyped Lujiazui Forum in Shanghai offered few fresh measures to bolster the market, also leaving investors in search of policy direction. The market is now "switching back to defensive mode", with indexes and volume both weak, analysts at Goldman Sachs said in a client note. Though sentiment has improved after a Sino-US trade truce last month in Geneva, China's long-term prospects remain in doubt, according to the Bank of America's latest fund manager survey. The survey noted that most fund managers in Asia still expect a structural de-rating to get underway in the world's second-largest economy. (Reuters/Xinhua)
RTHK
2 days ago
- Business
- RTHK
HK stocks slide as US tech retreat spreads
HK stocks slide as US tech retreat spreads The Hang Seng Index ended down 269.61 points, or 1.12 percent, at 23,710.69. File photo: RTHK China stocks ended slightly higher on Wednesday as top financial regulators at the annual Lujiazui Forum delivered few fresh policy signals while Hong Kong shares fell as geopolitical tensions heightened. The benchmark Hang Seng Index ended down 269.61 points, or 1.12 percent, to close at 23,710.69. The Hang Seng China Enterprises Index slid 100.48 points, or 1.16 percent, to end at 8,594.19 while the Hang Seng Tech Index slumped 77.44 points, or 1.46 percent, to 5,214.41. Hong Kong shares of Chinese electric vehicle maker Li Auto fell nearly 5 percent to their lowest since May 9. Tech majors listed in Hong Kong dropped 1.5 percent, tracking overnight losses in their US-listed counterparts during the New York session. Mainland Chinese stocks closed higher, with the benchmark Shanghai Composite Index up 0.04 percent at 3,388.81 and the Shenzhen Component Index 0.24 percent higher at 10,175.59. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 0.23 percent to close at 2,054.73. China's securities regulator announced plans on Wednesday to establish a new segment on Shanghai's tech-heavy STAR market to host pre-profit growth companies and support innovation. The watchdog also said it would support listing of companies with frontier technologies, in sectors such as artificial intelligence and aerospace. With few policy surprises from the forum, investors turned their focus to the upcoming July Politburo meeting for clearer signals on economic support. Tech shares rose as investors drew inspiration from regulators' support toward the sector. Electronics, communications and AI shares led market gains. Liquor shares rebounded for the third straight session, after tumbling to their lowest level since September 2024, hit by news that some of China's civil servants were banned from dining out in groups of more than three. Risk sentiment remained fragile on Wednesday as Iran and Israel launched fresh missile strikes at each other, extending their air war into a sixth day. (Reuters/Xinhua)
RTHK
3 days ago
- Business
- RTHK
HK stocks end down as Mideast fears weigh on markets
HK stocks end down as Mideast fears weigh on markets The Hang Seng Index ended down 80.69 points, or 0.34 percent, to close at 23,980.30. File photo: RTHK Mainland Chinese and Hong Kong stocks ended lower on Tuesday as sentiment was weighed down by fresh signs of Middle East tensions after US President Donald Trump urged Iranians to evacuate Tehran. In Hong Kong, the benchmark Hang Seng Index ended down 80.69 points, or 0.34 percent, to close at 23,980.30. The Hang Seng China Enterprises Index fell 0.4 percent to end at 8,694.67 while the Hang Seng Tech Index fell 0.15 percent to end at 5,291.85. On the mainland, the benchmark Shanghai Composite Index closed down 0.04 percent at 3,387.40 while the Shenzhen Component Index closed 0.12 percent lower at 10,151.43. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.36 percent to close at 2,049.94. The retreat came as Israel and Iran attacked each other for a fifth straight day. Trump left the Group of Seven summit in Canada a day early due to the situation in the Middle East, the White House said on Monday, prompting broad risk-off sentiment in global financial markets. "One thing that is clear is that the situation continues to be highly uncertain and risks of escalation should not be ignored," analysts at Maybank said in a note. "Safe havens should continue to be better bid and the US dollar should be better supported." Oil and gas shares were an outperformer, as the geopolitical tensions drove crude prices higher. A sub-index tracking the sector gained 0.92 percent. Apart from the Middle East tensions, the focus was also on the annual Lujiazui Forum this week, traders and analysts said. "The Lujiazui forum is likely to be the key window for financial and yuan internationalization-related policies, while the July Politburo economic meeting is likely to provide further guidance on the monetary and fiscal stance for H2 this year," said Ju Wang, head of Greater China FX and rates strategy at BNP Paribas. (Reuters/Xinhua)
RTHK
4 days ago
- Business
- RTHK
HK stocks end up on tech and property plays
HK stocks end up on tech and property plays The Hang Seng Index was up 168.43 points, or 0.7 percent, to close at 24,060.99. File photo: RTHK Mainland China and Hong Kong stocks ended slightly higher on Monday, led by property and tech shares, as investors weighed mixed macroeconomic data and remained cautious amid geopolitical tensions that dampened risk appetite. In Hong Kong, the benchmark Hang Seng Index was up 168.43 points, or 0.7 percent, to close at 24,060.99. The Hang Seng China Enterprises Index climbed 0.86 percent to end at 8,729.99 while the Hang Seng Tech Index rose 1.15 percent to close at 5,299.91. Across the border, the benchmark Shanghai Composite Index was up 0.35 percent at 3,388.73 while the Shenzhen Component Index closed 0.41 percent higher at 10,163.55. China's factory output growth hit a six-month low in May, while retail sales picked up steam, offering relief for the world's second-largest economy amid a truce in its trade war with the United States. The Golden Week holiday and discounts on e-commerce platforms starting in mid-May, ahead of the so-called "618" shopping event, should have helped to boost consumption during the month, said UBS analysts in a note. "But it remains to be seen whether the momentum can sustain, especially as the effects of the consumer trade-in program begin to fade and tariff outlook remains uncertain." Real estate shares traded onshore and offshore were up 2.4 percent and 2 percent, respectively, after the National Bureau of Statistics said efforts to halt the sector's decline were gaining traction. Onshore artificial intelligence shares rose 0.9 percent, while tech majors listed in Hong Kong were up 1.2 percent. New bank lending in China rose less than expected in May after hitting a nine-month low in April, as companies and consumers remained cautious about taking on more debt despite interest rate cuts and a trade truce between Beijing and Washington. (Reuters/Xinhua)
