Hong Kong Shares Snap Losing Streak, Still Down on Week
Hong Kong's stock market experienced a rise of 156 points, equivalent to a 0.6% increase, reaching 25,208 in early trading on Friday. This uptick halted a three-day decline, spurred by the S&P 500 achieving a record close the previous day. Indications of a cooling U.S. labor market have intensified expectations that the Federal Reserve will lower interest rates this month. Additionally, a U.S. Senate hearing on Thursday confirmed the appointment of President Trump’s ally, Stephen Miran, as a Federal Reserve governor. Over in China, reports suggest that the People’s Bank of China (PBoC) is set to initiate a CNY 1 trillion reverse repo operation to maintain sufficient liquidity in the market. Despite these developments, the Hang Seng Index is poised for a second consecutive weekly decline, currently down about 0.5%, influenced by the first weekly drop in five weeks for mainland Chinese equities. Growing concerns also loom over potential regulatory actions aimed at cooling China's markets after a 10% surge in August. In terms of specific stock movements, Fosun International rose nearly 1% after agreeing to the sale of a 40% stake in Portugal’s Luz Saude for EUR 310 million. Other significant gainers included Sino Biopharmaceutical, up 4.8%, Innoscience Technology, rising 4.1%, Zhaojin Mining, climbing 3.3%, and Chow Tai Fook, up 1.9%.
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