FX.co ★ Hang Seng Plunges to 6-Week Low Amid Global Selloff

The Hang Seng Index experienced a steep decline, plummeting 641 points, or 2.5%, to conclude at 25,247 on Friday. This drop extended the previous session's losses and marked the index's lowest position in six weeks, driven by widespread downturns. The global market sentiment deteriorated following indications of credit stress in U.S. regional banks, unsettling investors, while renewed trade tensions between the U.S. and China added to the pressure. All sectors experienced declines, with technology stocks falling approximately 4%, trailed by consumer, financial, and property stocks. Khoon Group reached an unprecedented low, impacted by specific sanctions from U.S. authorities. BYD decreased by 4.3% after announcing its largest vehicle recall due to issues with design and battery safety. Other significant losses were reported by SMIC (-7.2%), Pop Mart Intl. (-4.6%), XPeng (-4.4%), Meituan (-4.4%), and Xiaomi Corp. (-3.7%). Over the week, the index dropped nearly 4%, marking its second consecutive weekly decline, amid increasing caution ahead of an important leadership meeting next week and a series of Chinese economic indicators, including Q3 GDP, September retail sales, and industrial production figures.