The Hong Kong stock market has enjoyed a robust growth spree, climbing higher for four consecutive sessions and adding over 2,400 points, or 12.4%. The Hang Seng Index now hovers above the 20,630 mark, though potential profit-taking could occur on Monday.
Globally, Asian markets may experience minimal movement due to the absence of significant catalysts. While European markets showed gains, U.S. markets displayed a mixed performance, suggesting that Asian markets may follow suit.
On Friday, the Hang Seng Index concluded sharply higher, driven by substantial gains in the property and technology sectors. The index surged 707.70 points, or 3.55%, to close at 20,632.30, trading within a range of 20,268.63 to 20,743.20.
Notable performers included Alibaba Group, which increased by 4.86%, and Alibaba Health Information, which rose by 5.64%. ANTA Sports saw a 5.12% rally, while China Life Insurance accelerated by 5.15%. China Mengniu Dairy experienced a substantial rise of 14.94%, and China Resources Land jumped 5.08%. Other significant gainers included Galaxy Entertainment, which spiked by 8.78%, and New World Development, which skyrocketed by an impressive 21.61%.
Conversely, Henderson Land experienced a decline of 2.19%, and Industrial and Commercial Bank of China fell by 2.48%.
Wall Street provided little direction, with major averages opening slightly higher but ending the day with mixed results. The Dow Jones Industrial Average climbed 137.89 points, or 0.33%, to a record 42,313.00. However, the NASDAQ fell by 70.70 points, or 0.39%, closing at 18,119.59, and the S&P 500 dipped by 7.20 points, or 0.13%, to end at 5,738.17. For the week, the NASDAQ rose by 1.0%, while the Dow and S&P 500 both increased by 0.6%.
The mixed performance was influenced by critical U.S. consumer price inflation data for August. The Commerce Department reported a 0.1% increase in the personal consumption expenditures price index for August, following a 0.2% rise in July, aligning with market expectations.
Oil futures closed higher on Friday, bolstered by additional stimulus measures from the Chinese government that eased concerns about demand. West Texas Intermediate Crude oil futures for November rose by $0.51, settling at $68.18 per barrel.