Hang Seng Plunges to Close at 5-Week Low
The Hang Seng index dropped 615 points, or 2.4%, to 25,220, marking a 5-week low. Losses were broad-based, with tech, consumer, property, and financial sectors falling sharply. Hong Kong's markets fell 5.1% weekly amid Tokyo-Beijing tensions. Major decliners included JD Health, SMIC, China Hongqiao, and Galaxy Entertainment.
The Hang Seng tumbled 615 points, or 2.4%, to end at 25,220 on Friday, extending last week’s downturn and marking its lowest level in five weeks.
Losses were broad-based amid sharp swings in global equities.
The tech sector slid 3.2% to a 3-month low, mirroring the weak performance of U.S. tech stocks Thursday.
Consumer, property, and financial shares also fell sharply, tracking a slump in mainland markets that dipped to their lowest since mid-October.
Weekly, Hong Kong's markets sank 5.1%, reversing gains from the prior two weeks, as tensions between Tokyo and Beijing escalated.
Japan advised its schools in China to heighten security after Beijing halted Japanese seafood imports and issued travel warnings.
In fresh data, Hong Kong’s annual inflation rate hit a 4-month high of 1.2% in October, but the government said overall inflation should stay muted in the near term.
Major decliners included JD Health (-8.5%), SMIC (-6.3%), China Hongqiao (-4.4%), and Galaxy Entertainment (-4.3%).
