Hong Kong stocks set for biggest weekly loss since April on trade, Mideast jitters
SHANGHAI: Hong Kong stocks rebounded on Friday after three sessions of losses but remained on track for their biggest weekly loss since April, as Sino-US trade talks and Middle East tensions weighed on investor sentiment. Mainland China shares edged higher.
China's blue-chip CSI300 Index climbed 0.2% by the lunch break while the Shanghai Composite Index gained 0.1%. Hong Kong benchmark Hang Seng was up 1.2%.
China kept its benchmark lending rates unchanged, after rolling out sweeping monetary easing measures last month to support the economy.
Amid uncertainties related to China-US trade friction, onshore share valuations may be range-bound at low levels near term, said UBS strategist Lei Meng in a note.
'We expect limited downside, and potential upside catalysts mainly from stronger policy easing, the continual entry of medium or long-term funds and structural reforms,' Meng said.
The CSI Liquor Index rose 2.6%, leading gains onshore.
Shares of 'Blind Box' toymaker Pop Mart dropped more than 5% after state media outlet People's Daily called for stricter regulation of the blind box industry, citing expert views. The stock has fallen 13% so far this week, but soared 162% this year.
Israel and Iran's air war entered a second week and fears of a potential US attack on Iran hung over markets in Asia, impacting overall risk sentiment.
The Hang Seng Index was down 1.6% this week, on track for the largest decline since April 7, if losses hold. The CSI300 Index was down 0.3%.
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Hong Kong stocks set for biggest weekly loss since April on trade, Mideast jitters
SHANGHAI: Hong Kong stocks rebounded on Friday after three sessions of losses but remained on track for their biggest weekly loss since April, as Sino-US trade talks and Middle East tensions weighed on investor sentiment. Mainland China shares edged higher. China's blue-chip CSI300 Index climbed 0.2% by the lunch break while the Shanghai Composite Index gained 0.1%. Hong Kong benchmark Hang Seng was up 1.2%. China kept its benchmark lending rates unchanged, after rolling out sweeping monetary easing measures last month to support the economy. Amid uncertainties related to China-US trade friction, onshore share valuations may be range-bound at low levels near term, said UBS strategist Lei Meng in a note. 'We expect limited downside, and potential upside catalysts mainly from stronger policy easing, the continual entry of medium or long-term funds and structural reforms,' Meng said. The CSI Liquor Index rose 2.6%, leading gains onshore. Shares of 'Blind Box' toymaker Pop Mart dropped more than 5% after state media outlet People's Daily called for stricter regulation of the blind box industry, citing expert views. The stock has fallen 13% so far this week, but soared 162% this year. Israel and Iran's air war entered a second week and fears of a potential US attack on Iran hung over markets in Asia, impacting overall risk sentiment. The Hang Seng Index was down 1.6% this week, on track for the largest decline since April 7, if losses hold. The CSI300 Index was down 0.3%.
