12.09.202508:13:29UTC+00Hang Seng Marks Best Week Since March

On Friday, the Hang Seng Index advanced by 301 points, or 1.2%, reaching 26,387, marking its highest level since August 2021. This rise extended its positive momentum for the sixth consecutive session. Over the past week, the index experienced a significant surge of 3.8%, posting its most robust weekly gain since March. The market rally coincided with record highs on Wall Street, driven by increasing US jobless claims, which fueled expectations of an interest rate cut from the Federal Reserve next week, with further easing anticipated by year-end. Adding to the upbeat sentiment, US Treasury Secretary Scott Bessent is scheduled to meet with Chinese Vice Premier He Lifeng in Madrid next week to continue discussions on trade, economic, and security matters. Nevertheless, the market's gains remained tempered by cautious anticipation of China's upcoming August activity data, due next week. The technology sector led the gains amidst renewed optimism surrounding artificial intelligence, while consumer and property stocks also rose following Beijing's initiatives to assist local governments in addressing unpaid bills. Notably, Alibaba and Baidu saw significant upticks after they announced the development of in-house chips for training AI models, thereby reducing their dependance on Nvidia. Among other leading performers were China Hongqiao, which rose by 6.1%, Akeso, up by 6.0%, and Zhaojin Mining, which increased by 4.3%.