Latest news with #HangSengIndex
BusinessToday
17 hours ago
- Business
- BusinessToday
How Markets Worldwide Closed On Friday
Stock markets worldwide closed with mixed results on Friday, reflecting investor uncertainty amid ongoing economic developments. Asian Markets Asian indices showed varied performances. The Shanghai Composite Index closed at 3,347.49 points, down 0.47%. The Shenzhen Component Index ended at 10,040.62 points, dropping 0.85%. Hong Kong's Hang Seng Index fell 1.2% to 23,289 points. Australia's S&P/ASX 200 Index finished at 8,434.7 points, gaining 0.3%. Japan's Nikkei 225 declined 1.22% to 37,965.10 points. Singapore's Straits Times Index retreated 0.6% to 3,894.6 points. South Korea's KOSPI Index closed at 2,720.64 points, rising 1.89%. Malaysia's KLCI ended lower at 1,508 points. United States Markets Wall Street saw a mixed session. The S&P 500 Index closed at 5,911.69 points, down 0.01%. The Dow Jones Industrial Average gained 0.13%, closing at 42,270.07 points. The Nasdaq Composite Index dropped 0.32%, ending at 19,113.77 points European Markets European indices mostly ended higher. Germany's DAX Index rose 0.27% to 23,997.48 points. The FTSE 100 Index in the UK climbed 0.64% to 8,772.38 points. France's CAC 40 dipped 0.36%, closing at 7,751.89 points. Market Sentiment Investors remain cautious amid global economic uncertainties, including inflation concerns and geopolitical tensions. Analysts suggest that volatility may persist as markets react to upcoming economic data and central bank decisions. Related
Mint
18 hours ago
- Business
- Mint
Chinese Listing Spree Sparks Revival Hopes in Hong Kong Stocks
(Bloomberg) -- A wave of listings by Chinese companies is expected to reinvigorate trading activity in Hong Kong, with optimism growing that a robust pipeline of debuts will drive the broader stock market higher. First-time share sales in Hong Kong have raised HK$77 billion ($9.9 billion) this year through May, the most for the period since 2021, buoyed by a blockbuster offering by battery giant Contemporary Amperex Technology Co. The boom looks set to continue as companies that represent China's industrial ambitions and rising technological capabilities — such as chipmaker Will Semiconductor Co. and luxury carmaker Seres Group Co. — prepare to debut on the Hong Kong exchange. While there is yet to be a meaningful pickup in turnover, the listings are a welcome development for a market that had been bogged down in recent years by low liquidity and a dearth of prominent new entrants to attract global capital. The Hang Seng Index remains 25% below its 2021 peak despite a 16% gain this year. 'The fundraising rush will be a boon for liquidity and finally make Hong Kong 'China's Nasdaq,' more so than any of the onshore growth boards, given the quality of the listings,' said Chen Da, founder of Dante Research. The arrival of high-profile Chinese companies, and the trading activity that brings, may revitalize stocks that had fallen into obscurity due to low turnover in the broader market, he said. Hong Kong has long been a gateway for global investors seeking exposure to mainland Chinese companies, which currently make up 70% of the Hang Seng Index's weighting. While this role has also left the city's stocks vulnerable to China-US tensions, strong performance by recent entrants shows investors believe the rewards of owning a slice of China's new-economy stocks outweigh the risks of volatility. Share prices for bubble tea makers Mixue Group and Guming Holdings Ltd., and toy manufacturer Bloks Group Ltd., have more than doubled since their Hong Kong debuts this year. The offerings are 'fundamentally reshaping the DNA of the market, representing a strategic upgrade for the city's market,' said Yang Ruyi, fund manager at Shanghai Prospect Investment Management Co. 'Hong Kong is re-branding from merely a China offshore market into a globally-watched benchmark pricing the new economy.' Tech stocks and those embodying new consumption trends could make up 50% of the weightings of the exchange's constituents in the coming years, she expected. To some market watchers, the burst of activity is evoking memories of the IPO boom in the early 2000s that laid the groundwork for a near-300% rally in the Hang Seng Index over the four years through 2007. Zeng Wenkai, a fund manager at Shengqi Asset Management, draws parallels to the momentum that followed Tencent Holdings Ltd.'s 2004 debut, and sees valuations increasing by 20% across the board over the next year. In another potential boost, fast-fashion retailer Shein Group Ltd. is considering switching its planned initial public offering to Hong Kong from London. The bullish sentiment is evident in the gains in Hong Kong Exchanges & Clearing Ltd., whose stock has rallied 36% this year. IPO proceeds could reach HK$160 billion — or $20 billion — this year and put Hong Kong back at the top perch globally, according to estimates by CGS International. Bing Yuan, a fund manager at Edmond de Rothschild Asset Management, said stellar listings by the likes of CATL and Jiangsu Hengrui Pharmaceuticals Co. suggest companies with global footprints and strong governance standards tend to attract more interest from international investors. Despite the budding optimism, a meaningful boost to liquidity and a shift in global funds' perception of Hong Kong as an attractive destination may take time to materialize. There is also the risk of new listings diverting demand away from existing stocks and somewhat offsetting the boost to the broader market. Read: Chinese Firms Go on Fundraising Spree Amid Rush of Easy Money There's little doubt though that a broader revaluation is underway. The Hang Seng Index is among Asia's best performers this year, thanks to an earlier rally driven by DeepSeek's artificial intelligence breakthrough and Beijing's economic support. The Hong Kong benchmark now trades at 10.3 times forward earnings estimates, above a three-year average ratio at around nine. 'The inclusion of H-share listings of A-share companies in major MSCI indexes could serve as a meaningful catalyst for both passive and active capital flows into Hong Kong,' said Gary Tan, portfolio manager at Allspring Global Investments. 'This is particularly significant for sectors such as tech and consumer, which remain underrepresented in Hong Kong relative to their growing importance in China's economic future.' --With assistance from Abhishek Vishnoi and Dave Sebastian. More stories like this are available on
Business Recorder
20 hours ago
- Business
- Business Recorder
China, HK shares drop on US tariff concerns
HONG KONG: Chinese stocks fell on Friday as shares of Apple suppliers weakened after a US court reinstated President Donald Trump's tariffs, while automakers extended losses amid ongoing price war concerns. China's blue-chip CSI 300 index closed 0.5% lower and registered its second week of loss. The Shanghai Composite index also dropped 0.5% to 3,347.49 points. The Hang Seng China Enterprises Index fell 1.5% and Hong Kong's benchmark Hang Seng Index lost 1.2%. Both the indexes snapped their six-week winning streaks. 'Sentiment dropped further amid lower turnover and lukewarm macro prints,' Laura Wang, Chief China Equity Strategist at Morgan Stanley wrote in a note on Friday. 'No signs of near-term stimulus step-up as the interim tariff truce continues.' A federal appeals court on Thursday temporarily reinstated the most sweeping of US President Donald Trump's tariffs, a day after a trade court blocked them, saying the president exceeded his authority. The CSI Consumer Electronics Thematic Index lost 2%. Apple iPhone assembler Foxconn lost 3.9%, BYD Electronics tumbled 6% and Lens Tech weakened 3.4%. Auto shares continued their downward trend as price war concerns lingered. Shares of Xpeng, BYD and Nio slipped by 3.3% to 5%. Cushioning the losses, the CSI Banks Index advanced 0.6% after news that People's Bank of China (PBOC) Governor Pan Gongsheng will attend the opening ceremony of the Lujiazui Forum in Shanghai next month and announce several major financial policies.
Time of India
a day ago
- Business
- Time of India
China, HK shares drop on US tariff concerns, auto makers tumble
Chinese stocks fell on Friday as shares of Apple suppliers weakened after a U.S. court reinstated President Donald Trump's tariffs, while automakers extended losses amid ongoing price war concerns. China's blue-chip CSI 300 index closed 0.5% lower and registered its second week of loss. The Shanghai Composite index also dropped 0.5% to 3,347.49 points. The Hang Seng China Enterprises Index fell 1.5% and Hong Kong's benchmark Hang Seng Index lost 1.2%. Both the indexes snapped their six-week winning streaks. "Sentiment dropped further amid lower turnover and lukewarm macro prints," Laura Wang, Chief China Equity Strategist at Morgan Stanley wrote in a note on Friday. "No signs of near-term stimulus step-up as the interim tariff truce continues." A federal appeals court on Thursday temporarily reinstated the most sweeping of U.S. President Donald Trump's tariffs, a day after a trade court blocked them, saying the president exceeded his authority. The CSI Consumer Electronics Thematic Index lost 2%. Apple iPhone assembler Foxconn lost 3.9%, BYD Electronics tumbled 6% and Lens Tech weakened 3.4%. Auto shares continued their downward trend as price war concerns lingered. Shares of Xpeng, BYD and Nio slipped by 3.3% to 5%. Cushioning the losses, the CSI Banks Index advanced 0.6% after news that People's Bank of China (PBOC)Governor Pan Gongsheng will attend the opening ceremony of the Lujiazui Forum in Shanghai next month and announce several major financial policies. Mainland China's stock, bond, foreign exchange and commodity futures markets will be closed on Monday, June 2, for the Dragon Boat holiday. They will resume trade on June 3.
The Star
a day ago
- Business
- The Star
Bursa Malaysia sinks amid foreign sell-off and regional weakness
KUALA LUMPUR: Bursa Malaysia remained under selling pressure on Friday as foreign investors continued to pare down their holdings, amid ongoing tariff concerns and weakness in regional markets. The benchmark FBM KLCI slid 10.63 points, or 0.7%, to 1,508.35 — its intraday low. It fell 1.8% for the week and about 2.1% for the month of May. Stocks that fell outnumbered those that rose 616 to 336, with another 418 counters unchanged. A total of 3.2 billion shares changed hands, worth RM5.04bil. Dealers said selling in the past few days has shaken market sentiment, pushing more investors to the sidelines. They added that overall conditions remain tepid, with interest staying relatively muted even as foreign investors continue to sell. Among the decliners, Nestle tumbled RM2.26 to RM78.60, Ajinomoto slid RM1.28 to RM12.96, PETRONAS Dagangan fell 80 sen to RM19.70 and Heineken lost 60 sen to RM7.10. Hong Leong Financial Group rose 32 sen to RM16.58, Bintulu Port gained 21 sen to RM5.46, F&N added 20 sen to RM27.30 and Kumpulan Fima climbed 19 sen to RM2.58. Among the actives, KPJ slid 24 sen to RM2.72, with 81.42 million shares traded, Eco Shop added seven sen to RM1.26, with 63.15 million shares done, and Public Bank traded flat at RM4.31, with 62.14 million shares changing hands. Meanwhile, the ringgit was quoted at 4.2585, slipping 0.36% against the US dollar. It also fell 0.24% to 3.2969 against the Singapore dollar. Among the key regional markets: Japan's Nikkei 225 closed down 1.22% to 37,965.10; South Korea's Kospi slipped 0.84% to 2,697.67; Hong Kong's Hang Seng Index fell 1.2% to 23,289.77; China's CSI 300 Index finished down 0.48% to 3,840.23 and; Singapore's Straits Times Index fell 0.57% to 3,894.61 points.
