FX.co ★ Hang Seng Surges 1.6% This Week

The Hang Seng Index experienced an uptick of 92 points, equivalent to a 0.4% increase, closing at 22,868 on Friday. This marked the index's seventh consecutive day of gains, driven primarily by advances in property and financial stocks. Investors responded positively to China's trade data for April, which indicated robust export growth despite a deceleration influenced by increased U.S. tariffs. Moreover, the decline in imports was less severe than anticipated as Beijing implemented measures to stimulate domestic consumption. Closing at its highest level in a month, the index was buoyed by the strong performance of Wall Street on Thursday. For the week, the Hang Seng rose by 1.6%, achieving its fourth consecutive weekly gain, the longest rally since February. Market confidence was bolstered by President Trump's optimistic comments regarding U.S.-China trade negotiations, hinting at a potential reduction in the 145% tariffs imposed on Chinese goods. Nonetheless, a sense of caution remained as investors awaited mainland CPI/PPI data expected over the weekend. Separately, Hong Kong's foreign exchange reserves dropped to $408.7 billion in April, the lowest level recorded since July 2017. Companies leading the gains included Pop Mart (6.7%), Henderson Land Development (6.0%), Prada SpA (4.6%), and Sun Hung Kai Properties (4.6%).