The Hang Seng dipped 223 points or 0.9% to close at 24,859 on Friday, reversing gains from the prior four sessions amid broad-based losses. Sentiment soured ahead of the August 12 deadline for China to reach a lasting tariff deal with the Trump administration.
Traders also remained cautious ahead of China's July CPI and PPI data due Saturday, with expectations for a slight drop in consumer prices amid weak demand and continued producer deflation due to lingering trade risks.
The tech sector led losses, down around 1.5%, pressured by a nearly 8% plunge in chipmaker SMIC after disappointing Q2 earnings. Other notable decliners included Mixue Group (-3.1%), Trip.com (-2.3%), and Sands China (-2.3%). Still, the index gained 1.4% for the week, partially recovering from last week's 3.5% fall, helped by upbeat July trade data from China.
Meanwhile, mainland stock markets hovered near 10-month highs, buoyed by optimism around the upcoming NPC Standing Committee meeting and Q2 earnings season.
Source: Trading Economics
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