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The Hang Seng Index rose 0.1 per cent to 24,784.92 at 11.11am local time on Friday. But the gauge was down 2.4 per cent for the week, its first such loss since July 4. The Hang Seng Tech Index gained 0.2 per cent. On the mainland, the CSI 300 Index climbed 0.1 per cent and the Shanghai Composite Index was little changed.
China Petroleum and Chemical Corp, the nation’s largest oil refiner that is also known as Sinopec, slumped 5 per cent to HK$4.37 after saying it expected a first-half profit decline of 40 to 44 per cent. Peer PetroChina fell 2.4 per cent to HK$7.49. Macau casino operator Sands China slipped 0.1 per cent to HK$19.02 ahead of its earnings report later Friday.
“The market has accumulated significant gains since April 7 [Liberation Day],” said Amber Zhou, an analyst at Haitong International. “We expect the market to move into a pattern of sideways trading to consolidate the momentum and wait for fresh policies.”
The recent pullback also reflected investor disappointment that China and the US failed to seal a trade deal this week, stoking concerns about a resurgence in tensions, according to Wang Kai, a strategist at Morningstar.
