The Hang Seng Index extended its losses from the previous week, falling 1.01% in the week ended November 22. The continued threat of US tariffs on Chinese goods and corporate profits impacted demand for Hong Kong-listed stocks.
Tech heavyweight Baidu (9888) reported its most notable revenue decline in two years. Alibaba (9988) also saw significant losses after news of PDD Holdings warning of increasing e-commerce competition.
The Hang Seng Tech Index (HSTECH) ended the week with a loss of 1.89%, after falling 7.29% the week before. Baidu fell 6.81% this week, while Alibaba fell 7.45%.
Real estate stocks also struggled due to uncertainty about policy measures that would strengthen the housing market. The Hang Seng Mainland Properties Index ended the week down 4.34%.
On the mainland, US tariffs and concerns about China’s economic prospects weighed on stock markets. The CSI 300 fell 2.60%, while the Shanghai Composite fell 1.91%.
Commodities: Gold rises amid geopolitical tensions
Commodity markets had a more favorable week. The iron ore market rose 0.34%, despite concerns about US tariffs on China. An escalation of the war in Ukraine boosted demand for gold, which rose 5.97% to end the week at 2,716.
Russia threatened a nuclear response after Ukraine’s recent missile attack, signaling a possible escalation of the ongoing war.