The Hang Seng Index fell 292 points, or 1.1%, to close at 26,413 on Friday, pulling back from the previous session’s gains as technology and consumer stocks declined. Risk sentiment deteriorated after Wall Street came under pressure on Thursday amid renewed worries over the private credit market and escalating U.S.–Iran tensions, with President Trump stating he would decide within 10 days whether to launch a strike on Iran.
The tech subindex dropped nearly 3% as traders positioned ahead of Nvidia’s earnings release next week. At the same time, consumer stocks retreated sharply despite indications of robust travel demand during China’s Spring Festival. In contrast, property shares inched higher on expectations that Beijing will unveil post-holiday support measures, with investors looking ahead to a key meeting of the top legislature in early March. Mainland Chinese markets are set to reopen on Tuesday.
Notable laggards included Xiaomi Corp. (-3.5%), SMIC (-2.7%), Techtronic Industries (-2.5%), and Tencent (-2.0%). For the week, the Hang Seng declined 0.6%, following a largely flat performance in the prior week.
