The Hang Seng climbed 233 points or 1.1% to close at 20,915 on Friday, rebounding from morning losses as US futures rose sharply after President Biden said the first phase of trade talks was "very close," fueling optimism that China may return to the negotiating table. The index closed in the green for the fourth day, tracking mainland markets, buoyed by Beijing's efforts to stabilize financial markets this week, including stock purchases by a state fund and state-owned firms. Several listed companies also launched share buybacks.
Gains were broad-based, led by tech, financials, and consumer sectors. Chipmakers outperformed, with Hua Hong Semiconductor jumping 14%, while SMIC and Horizon Robotics soared over 7% and 12.8%.
However, the index plunged 8.5% for the week—its fifth straight weekly loss and the steepest decline since October 2022—amid growing concerns over the escalating US-China trade dispute and growing caution ahead of China's March trade data due this weekend.
Source: Trading Economics
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