Media365
The Hang Seng Index rose 0.3 per cent to 25,401.25 as of 9.45am local time on Friday. For the week, the benchmark has declined 4.6 per cent, putting it on course for its steepest decline for the five-day period since November 21. The Hang Seng Tech Index gained 1.3 per cent.
On the mainland, the CSI 300 Index slid 0.6 per cent and the Shanghai Composite Index retreated 0.4 per cent.
The war in the Middle East has worsened sentiment on global stocks, which has already been rattled by fears of artificial intelligence-led displacement. With Brent oil trading above US$80 a barrel after the closure of the Strait of Hormuz, investors are increasingly wary of stagflation and a slower pace of interest-rate cuts by the US Federal Reserve, which will further compress elevated stock multiples.
All eyes are on a joint press conference by the People’s Bank of China and the China Securities Regulatory Commission in the afternoon, where top financial regulators will address a press conference as part of the ongoing annual legislative meeting in Beijing.
Other major Asia-Pacific markets edged lower. Japan’s Nikkei 225 slipped 0.8 per cent, South Korea’s Kospi retreated 1.9 per cent and Australia’s S&P/ASX 200 lost 1.3 per cent.
