HK stocks end down after week of strong gains
HK stocks end down after week of strong gains
The Hang Seng Index ended for the day down 41.25 points, or 0.17 percent, at 24,284.15. File photo: RTHK
Mainland Chinese and Hong Kong stocks edged lower on Friday but posted their strongest weekly gain in nearly two months, led by financial shares, as a ceasefire between Israel and Iran lifted investor sentiment.
In Hong Kong, the benchmark Hang Seng Index ended for the day down 41.25 points, or 0.17 percent, at 24,284.15.
On the mainland, the benchmark Shanghai Composite Index ended down 0.7 percent to 3,424.23.
However, the Shenzhen Component Index closed 0.34 percent higher at 10,378.55. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, also closed higher by 0.47 percent at 2,124.34.
Chinese brokerage stocks rallied sharply this week, buoyed by easing global geopolitical tensions and improved investor risk appetite, Morgan Stanley analysts said in a note.
Over a six- to 12-month horizon, increased portfolio allocation to China appears likely, supported by improving market fundamentals and growing global investor demand for diversification, they said.
Tianfeng Securities jumped up to 10 percent.
The CSI 300 Index has risen 2 percent this week, the best weekly gain since May 5, while the Hang Seng Index advanced 3.2 percent, its strongest week since March 3.
Onshore financial shares climbed nearly 3 percent this week.
The United States has reached an agreement with China on how to expedite rare earth shipments to the United States, a White House official said amid efforts to end a trade war between the world's biggest economies.
Shares of Xiaomi surged to a record high on Friday, after the company launched a new electric car model with a strong beat on pre-orders.
But this has added pressure on other automakers, with Li Auto and Xpeng down 1.8 percent and 3.2 percent, respectively.
Hong Kong's HSCI Materials Index and mainland's Non-Ferrous Metals Index rose 2.4 percent and 1.9 percent, respectively, as non-ferrous metal prices such as copper broadly rallied. (Reuters/Xinhua)
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