The Hang Seng Index plunged 462 points, or 1.7%, to close at 26,290 on Friday (October 10), extending its decline for the fifth consecutive session and hitting a two-week low. Technology stocks led the decline, down more than 3%, after China tightened rare earth metal export controls and increased restrictions on chip imports to reduce reliance on US products such as Nvidia's AI processors.
Consumer goods stocks also fell about 2.7%, as investors grew cautious ahead of key Chinese data for September next week, including trade, CPI/PPI, and credit data. Top losers included Zhojin Mining (-7.4%), SMIC (-7.2%), China Hongqiao (-5.9%), Kuaishou Tech (-5.4%), and Tencent (-3.6%).
However, the decline was offset by recent record highs on Wall Street and continued speculation of a Fed rate cut in late October. Meanwhile, sentiment toward mainland Chinese stocks remained positive, with China's benchmark index holding above a decade-high after the Golden Week break. For the week, the Hang Seng fell 3.1%, reversing the previous week's gains. (alg)
Source: Trading Economics
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