The Hang Seng Index rose 301 points, or 1.2%, to 26,387 on Friday (September 12), climbing for a sixth straight session to its highest level since August 2021. The index surged 3.8% for the week, its strongest weekly gain since March, amid record highs on Wall Street as rising US jobless claims reinforced speculation of a Fed rate cut next week, with further easing likely through the end of the year.
Adding to the positive sentiment, US Treasury Secretary Scott Bessent will meet with Chinese Vice President He Lifeng in Madrid next week to continue talks on trade, economic, and security issues. However, further gains were capped by caution ahead of China's August activity data, due next week.
Technology stocks led gains amid renewed optimism about AI, while consumer and property stocks rallied as Beijing stepped up to help local governments cover unpaid bills. Alibaba and Baidu surged after launching internally developed chips for training AI models, reducing reliance on Nvidia. Other top movers included China Hongqiao (6.1%), Akeso (6.0%), and Zhaojin Mining (4.3%). (alg)
Source: Trading Economics
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