The Hang Seng Index plunged 376 points, or 1.4%, to close at 25,907 on Friday, marking its third consecutive session of decline amid widespread declines across sectors. Market sentiment weakened after China's official PMI showed manufacturing activity contracted at its fastest pace in six months in October, while service sector growth remained weak.
Meanwhile, the temporary US-China trade truce failed to boost confidence, with investors viewing it as a short-term respite rather than a meaningful breakthrough. Further pressure came after US Federal Reserve Chairman Powell signaled that a December interest rate cut was not guaranteed, citing limited data due to the ongoing US government shutdown.
Technology stocks led the decline, with SMIC (-5.4%), Tencent Holdings (-2.9%), and Kuaishou Tech (-2.7%) declining as investors unwound positions in Chinese semiconductor companies that have surged on AI and import substitution trends. The benchmark index fell nearly 1% for the week and 3.5% for October, ending a five-month winning streak. (alg)
Source: Trading Economics
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