FX.co ★ Hang Seng Ends Month with Steep Losses

The Hang Seng Index climbed by 111 points or 0.5%, ending the session at 22,119 on Wednesday. This upturn allowed the index to overcome earlier losses, achieving gains for the second consecutive day, driven by advancements across most sectors. Improved sentiment was primarily fueled by anticipation that Beijing might intensify measures to mitigate impacts from the ongoing trade dispute between the U.S. and China. Technology stocks spearheaded the rally, with the sector's index rising over 1% following President Xi Jinping's call for advancements in AI during his visit to Shanghai. Additionally, consumer and property stocks experienced gains amid expectations of policy interventions to stimulate domestic consumption. Nevertheless, throughout the month, the benchmark index dropped 4.3%, attributed to disappointing Manufacturing PMI data in China for April, highlighting the most significant decline in nearly 18 months. Furthermore, many traders hesitated to initiate new positions ahead of the Labour Day holiday. The markets are scheduled to be closed on Thursday and the following Monday. Among the top performers were AIA Group, which rose by 6.7%, Chow Tai Fook Jewellery with a 7.8% gain, Kingsoft increasing by 6.8%, and Xiaomi Corp. up by 5.1%.