The Hang Seng Index plunged 615 points, or 2.4%, to close at 25,220 on Friday (November 21), extending last week's decline and marking its lowest level in five weeks. The decline occurred broadly amid sharp fluctuations in global equities. The technology sector slumped 3.2% to a three-month low, mirroring the weak performance of US tech stocks on Thursday.
Consumer, property, and financial stocks also fell sharply, following a decline in mainland Chinese markets, which hit their lowest level since mid-October. On a weekly basis, Hong Kong markets slumped 5.1%, reversing gains from the previous two weeks, as tensions between Tokyo and Beijing escalated. Japan urged its schools in China to increase security after Beijing halted imports of Japanese seafood and issued a travel warning.
According to the latest data, Hong Kong's annual inflation rate hit a four-month high of 1.2% in October. However, the government stated that overall inflation would remain manageable in the near term. Stocks that experienced significant declines included JD Health (-8.5%), SMIC (-6.3%), China Hongqiao (-4.4%), and Galaxy Entertainment (-4.3%). (alg)
Source: Trading Economics
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