Hong Kong Shares Due For Consolidation

(RTTNews) - The Hong Kong stock market has tracked higher in seven straight sessions, soaring more than 900 points or 4.1 percent along the way. The Hang Seng Index now sits just above the 22,865-point plateau although investors figure to lock in gains on Monday.

The global forecast for the Asian markets is uninspired on waning optimism over trade agreements that might end U.S. tariffs. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.

The Hang Seng finished modestly higher on Friday following gains from the financial shares and technology stocks, while the property sector was mixed.

For the day, the index gained 91.82 points or 0.40 percent to finish at 22,867.74 after trading between 22,692.44 and 22,907.91.

Among the actives, Alibaba Group jumped 1.73 percent, while Alibaba Health Info retreated 2.16 percent, ANTA Sports gained 0.48 percent, China Life Insurance declined 1.06 percent, China Mengniu Dairy stumbled 2.20 percent, China Resources Land plunged 2.86 percent, CITIC slumped 0.62 percent, CNOOC climbed 1.32 percent, CSPC Pharmaceutical fell 0.17 percent, Galaxy Entertainment advanced 0.99 percent, Haier Smart Home shed 0.22 percent, Hang Lung Properties strengthened 1.48 percent, Henderson Land surged 6.18 percent, Hong Kong & China Gas increased 0.85 percent, Industrial and Commercial Bank of China collected 0.74 percent, JD.com eased 0.08 percent, Lenovo spiked 2.09 percent, Li Auto tumbled 1.98 percent, Li Ning added 0.65 percent, Meituan and CKI Holdings both dropped 0.28 percent, New World Development lost 0.21 percent, Nongfu Spring sank 0.26 percent, Techtronic Industries rallied 2.01 percent, Xiaomi Corporation improved 1.08 percent and WuXi Biologics soared 2.44 percent.

The lead from Wall Street is weak as the major averages opened higher on Friday but quickly headed south to finish mostly lower.

The Dow slumped 119.07 points or 0.29 percent to finish at 41,249.38, while the NASDAQ rose 0.78 points or 0.00 percent to close at 17,928.92 and the S&P 500 slipped 4.03 points or 0.07 percent to end at 5,659.91.

For the week, the S&P 500 shed 0.5 percent, the NASDAQ fell 0.3 percent and the Dow eased 0.2 percent.

The early strength on Wall Street came amid optimism about a potential U.S.-China trade deal ahead of Treasury Secretary Scott Bessent's talks with Chinese officials in Switzerland over the weekend.

However, President Donald Trump said in a post on Truth Social that a higher "80% Tariff on China seems right," partly offsetting the positive sentiment.

Crude oil futures moved sharply higher on Friday, extending gains in the previous session amid optimism about a potential U.S.-China trade deal. West Texas Intermediate crude for June delivery crude for June delivery jumped $1.11 or 1.9 percent to $61.02 a barrel.