On Friday, the Hong Kong stock market rebounded after experiencing a two-day decline where it fell by more than 380 points, equivalent to a 1.8% decrease. The Hang Seng Index now stands slightly above the 20,500 mark, and a positive opening is anticipated for Monday.
The global outlook for Asian markets appears promising, driven by robust earnings reports and renewed optimism concerning interest rate developments. Both European and U.S. markets recorded gains, and it is expected that Asian markets will follow this trend.
On Friday, the Hang Seng saw a modest rise, buoyed by gains in financial shares and mixed results in the technology and property sectors.
For the day, the index gained 189.13 points, or 0.93%, closing at 20,506.43, after fluctuating between 20,353.30 and 20,667.20.
Key movements included Alibaba Group's decline of 0.89%, Alibaba Health Info's drop of 1.52%, while ANTA Sports rose by 0.54%. China Life Insurance saw a modest gain of 0.37%, and China Mengniu Dairy surged by 5.11%. China Resources Land also showed a significant increase of 6.36%, CITIC edged up by 0.33%, and CNOOC grew by 2.00%. CSPC Pharmaceutical notably fell by 11.13%, and Galaxy Entertainment dipped by 0.14%. Haier Smart Home decreased by 1.38%, Hang Lung Properties increased by 2.44%, and Henderson Land made a slight rise of 0.20%. Both Hong Kong & China Gas and Hengan International slid by 0.65%. The Industrial and Commercial Bank of China rose strongly by 2.81%, JD.com improved by 1.41%, while Lenovo decreased by 1.90%, and Li Auto plunged by 10.59%. Meituan gained 1.57%, New World Development fell by 2.23%, Nongfu Spring advanced by 1.03%, Techtronic Industries dropped by 0.53%, Xiaomi Corporation climbed by 5.00%, WuXi Biologics eased slightly by 0.24%, and Li Ning remained unchanged.
Wall Street sent an encouraging signal as major averages opened high on Friday and maintained positive momentum throughout.
The Dow Jones Industrial Average climbed 288.73 points, or 0.69%, closing at 42,052.19. Meanwhile, the NASDAQ advanced 144.77 points, or 0.80%, ending at 18,239.92, and the S&P 500 rose by 23.35 points, or 0.41%, closing at 5,728.80.
For the entire week, the Dow slightly eased by 0.2%, the S&P 500 declined by 1.4%, and the NASDAQ decreased by 1.5%.
The strength on Wall Street was attributed to positive reactions to strong earnings from major companies like Intel (INTC) and Amazon (AMZN).
Investors also considered the latest Labor Department jobs report, which showed weaker-than-expected growth in October. While the data raised concerns about economic strength, it also renewed optimism concerning interest rate prospects.
Oil futures edged up on Friday amid rising Middle East tensions, following reports of potential further Iranian attacks on Israel. December futures for West Texas Intermediate Crude increased by $0.23, or 0.33%, closing at $69.49 per barrel.
