The Hong Kong stock market has declined for four consecutive sessions, losing over 750 points, equating to a 4.1% drop. The Hang Seng Index now rests slightly above the 18,075-point mark but is expected to stabilize on Monday.
Globally, the economic forecast for Asian markets appears cautiously optimistic due to an improved outlook on interest rates. This follows positive trends in European and U.S. markets, which are likely to influence the Asian bourses similarly.
On Friday, the Hang Seng Index saw a modest decline amid losses in financial shares, property stocks, and technology companies. The index fell by 150.59 points or 0.83%, closing at 18,079.61, following intra-day trading between 18,077.39 and 18,551.18.
Key performers included:
- Alibaba Group and Galaxy Entertainment, both down 1.83%
- Alibaba Health Info, down 8.64%
- ANTA Sports, eased 0.42%
- China Life Insurance and Nongfu Spring, both down 1.42%
- China Mengniu Dairy, lost 3.23%
- China Resources Land, decreased 2.41%
- CITIC, fell 1.00%
- CNOOC, rose 2.20%
- Country Garden, tanked 3.40%
- CSPC Pharmaceutical, lost 0.90%
- Hang Lung Properties, slipped 1.93%
- Henderson Land, down 1.22%
- Hong Kong & China Gas, slid 0.82%
- Industrial and Commercial Bank of China, shed 1.12%
- JD.com, added 0.44%
- Lenovo, retreated 2.60%
- Li Ning, weakened 1.69%
- Meituan, plunged 3.49%
- New World Development, tumbled 2.76%
- Techtronic Industries, rose 0.31%
- Xiaomi Corporation, dropped 1.24%
- WuXi Biologics, down 0.54%
Wall Street experienced a fairly positive lead with major averages opening higher on Friday. Although there was a midday slump, they rallied to close mixed. The Dow surged by 574.82 points or 1.51%, ending at 38,686.32. The NASDAQ dipped by 2.08 points or 0.01%, finishing at 16,735.02, while the S&P 500 gained 42.03 points or 0.80%, closing at 5,277.51.
For the week, the S&P 500 dropped by 0.5%, while the Dow and NASDAQ slumped by 1.0% and 1.1%, respectively. However, all major averages posted significant gains for May.
The generally positive close on Wall Street was bolstered by the Commerce Department releasing data showing U.S. consumer prices increased as expected in April, with core consumer prices rising slightly less than anticipated. These inflation readings, which are closely monitored by the Federal Reserve, fueled optimism for a potential rate cut in the forthcoming months.
Oil prices continued to fall on Friday for the third consecutive day due to concerns over demand, despite optimism surrounding an extension of OPEC production cuts. West Texas Intermediate crude oil futures for July decreased by $0.92, settling at $76.99 per barrel.
