Hong Kong Stocks Rise But Face Weekly Loss
Hong Kong stocks rose 214 points, or 1.0%, to 20,700 in early trade on Friday after a slump in the previous session, supported by broad gains across sectors. Globally, Wall Street closed mostly in the green on Thursday amid a further decline in U.S. Treasury yields, as traders largely reassessed bets on a U.S. interest rate cut and risks from the upcoming presidential election.
On the policy front, the People’s Bank of China today maintained its one-year medium-term lending facility at 2% after delivering a record 30bps reduction in September. However, the Hang Seng is on track for its third straight weekly loss, down about 0.5% so far, weighed down by persistent concerns that China’s recent stimulus package may not be enough to boost its economic recovery. Additionally, a senior IMF official said China’s fiscal measures are falling short of what is needed to curb deflationary risks. Sands China jumped 4.8%, along with Geely Auto (4.2%), Li Auto (3.5%), Xiaomi Corp. (3.2%), and Semicon
Source: Trading Economics
