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Last week, the Hang Seng Index experienced a significant drop of 6.53%, undoing some of the gains made in the previous week. Real estate and tech sector stocks took a hit, with the Hang Seng Tech Index down 9.39% and the Hang Seng Mainland Properties Index falling by 14.07%. Key tech players like Baidu, Alibaba, and Tencent saw significant declines, while real estate giants Longfor Group Holdings, Shimao Group Holdings, and Agile Group Holdings also suffered losses.
Over on the Mainland, the CSI 300 and Shanghai Composite also closed the week in negative territory, impacted by sentiments towards Beijing’s stimulus measures. In the commodities market, iron ore prices dropped due to concerns over China’s policy measures, while gold saw a slight increase on hopes for Fed rate cuts.
On a more positive note, the ASX 200 index in Australia rose by 0.79%, driven by optimism in the US market and the possibility of Fed rate cuts. The S&P/ASX All Technology Index and banking stocks performed well, but mining stocks like BHP Group and Rio Tinto saw declines due to lower iron ore prices.
Meanwhile, the Nikkei Index in Japan rallied by 2.51%, fueled by a weaker Japanese Yen. Notable stock movers included Softbank, Fast Retailing Co. Ltd., and Sony Corp.
As we look ahead, investors should keep an eye on economic indicators and policy measures, especially from China. Stay informed with our latest news and analysis to navigate the Asian equity markets effectively.
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