Hong Kong stocks ended the week slightly lower after a volatile five-day stretch, with the benchmark Hang Seng Index (HSI) surrendering early gains to close at 24,963.23 on Friday as renewed geopolitical tensions and weaker technology stocks dampened investor sentiment.
The HSI finished Friday down 247 points, or 1.0%, with turnover amounting to HK$209.9 billion. The decline came after renewed concerns over tensions in the Middle East and rising oil prices prompted a broader sell-off across Asian equities.
The week began on a strong note as the HSI surged 510 points, or 2.1%, to 25,072 on Monday, driven by robust buying in major technology and China internet stocks. Alibaba gained 5.2% to HK$118.40, while Tencent rose 3.6% to HK$478, helping lift the Hang Seng TECH Index 2.9% to 4,757. The Hang Seng China Enterprises Index (CEI) also climbed 2.8% to 8,360, with market turnover reaching HK$165.69 billion.
Buying momentum continued over the next three sessions, with the HSI extending its gains on Tuesday and Wednesday before maintaining a firmer tone on Thursday as investor confidence gradually recovered from the previous week’s sharp decline.
However, the rally lost steam on Friday as technology and internet shares retreated. The Hang Seng TECH Index fell 68 points, or 1.5%, to 4,629.51, while the CEI declined 81 points, or 1.0%, to 8,271.06.
Despite the weakness in technology counters, financial stocks provided some support and helped limit the broader market’s losses during the final trading session.
