The Hang Seng fell 371 points, or 1.9%, to close at a nearly two-month low of 19,230 on Friday (11/22), marking a second session of losses amid weak corporate earnings and heightened concerns about China's recovery from potential U.S. tariffs with the return of Donald Trump to the presidency. For the week, the index disappointed by about 1%, its second straight decline, with all sectors suffering sharp losses, as markets in the mainland and tumbled about 3%.
Technology stocks fell 2.6%, edging closer to a bear market, after e-commerce giant PDD Hlds. missed Q3 estimates. Meanwhile, search giant Baidu Inc. plunged 8.6% after earnings fell short of expectations. Other major laggards included Semicon Manufacturing (-7.1%) and Meituan (-3.5%). Further dampening the slide was a Reuters report that Chinese government advisers have recommended Beijing maintain its economic growth target of around 5% for 2025, pushing for sizable fiscal stimulus to offset the adverse impact of U.S. policies.
Source: Trading Economics
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