The Hang Seng Index jumped 366 points, or 1.9%, to close at 20,066 on Friday, ending a two-day decline. The recovery followed a recent "cordial" conversation between U.S. President Trump and Chinese leader Xi Jinping, in which Trump expressed hope for a trade deal with China. The index jumped 2.5% for the week, marking its second straight gain after Chinese regulators urged insurers and mutual funds to buy more stocks to spur a rapid recovery in mainland stocks.
A record close on Thursday in the S&P 500 also lifted sentiment, with Trump expecting lower interest rates as the Fed meets for the first time this year next week. Capping further gains was caution ahead of China's official January PMI figures, due on Monday. All sectors advanced, with technology, consumer discretionary and financials among the top movers. Individually, Sunny Optical Tech. jumped 7.9%, followed by Xiaomi Corp. (6.5%), SenseTime Group (6.3%), Semicon Manufacturing (5.5%), and BYD Electronic Intl. (5.4%).
Source: Trading Economics
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