Hang Seng Posts 6.4% Gains Weekly

Shares in Hong Kong dropped 35.02 points or 0.19% to finish at 18,701.42 on Friday, reversing from modest gains in the morning trade, amid worries that a reopening from strict COVID measures in China will be bumpy and uncertain as daily cases stayed elevated.

Traders were also cautious ahead of key job reports in the US where economists expect to see slower growth amid layoffs and hiring freezes.

Electronic technology, utilities, producer manufacturing, and financials were among the bottom movers, with declines from Xiaomi Co (-3.3%), Semiconductor Manufacturing (-1.9%), JD.Com (-1.3%), CK Hutchison Hlds (-1.2%), and China Resources Land (-0.7%).

Still, the index surged 6.4%, on expectations that Beijing will roll out new stimulus after weak factory activity in November and as the pace of rate hikes in the US may decelerate in December.