FX.co ★ Hang Seng Plunges to Close at 5-Week Low

On Friday, the Hang Seng Index declined significantly, dropping 615 points, or 2.4%, to close at 25,220—a five-week low—extending the previous week's downturn. This widespread decline resulted from pronounced volatility in global equity markets. The technology sector, in particular, plummeted by 3.2% to a three-month low, reflecting the poor performance of U.S. tech stocks from the preceding Thursday. Shares in consumer goods, property, and finance sectors experienced substantial losses as well, paralleling a downturn in mainland markets, which fell to their lowest levels since mid-October. Over the week, Hong Kong's markets decreased by 5.1%, erasing the gains made in the previous two weeks as tensions between Tokyo and Beijing intensified. Moreover, Japan has advised its schools in China to enhance security measures following China's suspension of Japanese seafood imports and the issuance of travel advisories against Japan. In recent economic reports, Hong Kong's annual inflation rate reached a four-month high of 1.2% in October. However, the government indicated that overall inflation is expected to remain subdued in the near future. Notable declines among stocks included JD Health, which fell 8.5%, SMIC at 6.3%, China Hongqiao dropping 4.4%, and Galaxy Entertainment down by 4.3%.