The Hang Seng Index weakened 146 points, or 0.5%, to close at 27,141 on Friday (October 3), retreating from a four-year high after three sessions of gains, as traders took profits following five consecutive months of gains since May.
Sentiment was also impacted by concerns over the US government shutdown, which has halted much official activity, including the jobs report originally due today, with markets bracing for a shutdown that could last until next week. Trading was also sluggish as mainland Chinese markets remain closed until October 8. The decline was broad-based, with technology stocks weighing the most, led by Kuaishou Tech (-3.8%), Trip.com (-2.0%), and Sunny Optical (-0.8%).
However, the market in the city surged 3.9% for the week, driven by recent Wall Street record highs and bullish momentum in Chinese stocks ahead of the plenary meeting later this month. Meanwhile, US Treasury Secretary Bessent expects a "pretty major breakthrough" in upcoming US-China trade talks, with a potential Trump-Xi meeting in South Korea in late October. (alg)
Source: Trading Economics
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