The Hong Kong stock market ended its two-day winning streak on Friday, in which it gained over 1,400 points or 5.7%. The Hang Seng Index closed just above the 24,230-point mark, but the outlook for Monday suggests a positive opening.
Global market sentiment remains upbeat, with bargain hunting and a more optimistic outlook on interest rates providing support. While European markets closed lower, U.S. stocks finished higher, and Asian markets are expected to follow the positive momentum from Wall Street.
On Friday, the Hang Seng Index experienced a modest decline, driven by losses in the financial, property, and technology sectors. The index fell 138.40 points, or 0.57%, to settle at 24,231.30, after fluctuating between 24,065.01 and 24,669.62 throughout the day.
Key movers included Alibaba Group, which dropped 0.57%, and Alibaba Health Info, which plunged 2.81%. Other notable moves included ANTA Sports, which soared 3.26%, and Li Ning, which surged 4.95%. On the downside, JD.com plummeted 4.97%, while Hang Lung Properties tumbled 1.77%. Overall, mixed performances were seen across various sectors.
The positive momentum from Wall Street is helping fuel optimism in Asia. On Friday, U.S. markets opened higher, dipped midday, but rebounded into the green by the close. The Dow rose by 222.62 points, or 0.52%, closing at 42,801.72. The NASDAQ gained 126.92 points, or 0.70%, ending at 18,196.22, and the S&P 500 advanced by 31.68 points, or 0.55%, to close at 5,770.20.
For the week, however, all three major U.S. indices posted declines. The NASDAQ dropped 3.5%, the S&P 500 fell 3.1%, and the Dow slumped 2.4%.
The volatility in U.S. markets was partly attributed to a weaker-than-expected Labor Department report on U.S. job growth in February, raising concerns about the economy’s strength. However, this also sparked optimism about the outlook for interest rates, with Federal Reserve Chair Jerome Powell emphasizing that the central bank doesn’t feel the need to rush in adjusting rates amid uncertainties regarding President Trump’s policies.
Crude oil prices saw a dip after an early surge but still closed higher on Friday. West Texas Intermediate for April delivery rose by $0.68, or 1.0%, to settle at $67.04 per barrel, extending modest gains from the previous session.
Related topics:
Stocks Rally as Automakers Get Relief from Tariffs; Ford, GM, Stellantis Lead Gains
India’s Middle Class Faces Market Jitters Amid $900 Billion Stock Rout
Stock Futures Climb Following Hints of Tariff Compromise by Commerce Secretary Lutnick
