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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Hong Kong Stocks Recovered Shortly After Stormy Week – Latest in Asian Market

Hong Kong Stocks Recovered Shortly After Stormy Week – Latest in Asian Market



Although the index closed higher on Friday, it slid nearly 4.8% last week. It was Hang Seng's biggest weekly decline since August. The city is shaken by violent protests that have escalated in recent days.

Suffering and the local economy. The Hong Kong government warned on Friday that mass protests could shrink the economy by 1.3% this year, marking the first annual recession since 2009.
Tencent ( TCEHY ) advanced 2.1%. Bloomberg announced on Friday that Chinese social media and gaming games have been in talks with investors for a minority stake in Universal Music Group. Tencent did not immediately respond to a request for comment from CNN Business on Monday.
The Chinese Shanghai Composite Index ( SHCOMP ) was also built on its previous gains and was last up by 0.6%. The People's Bank of China cut its main interbank interest rate on Monday, two weeks after the central bank cut another major interest rate.

This is another sign that the central bank is "beginning to take a more proactive approach" to reducing borrowing costs to support economic growth, said Julian Evans-Prichard, a senior Chinese economist in capital economics.

Monday's move could encourage banks to lower their base rate of credit on Wednesday, as bank financing costs are lower, he wrote in a research note. LPR is the interest rate that banks charge corporate customers for new loans. This is a new lending criterion that China introduced in August and hopes to gradually replace the existing fixed interest rate benchmark.
In other areas, markets were relatively muted. The Japanese Nikkei 225 ( N225 ) gained 0.3%. South Korea's Kospi Index ( KOSPI ) however, slipped 0.3%.
Investors may look for more trading news. Wall Street's major indices closed in green on Friday in part because of trade optimism between the US and China. Over the weekend, the Chinese Ministry of Commerce said the Chinese and US negotiators had a "constructive discussion" about phase one of the deal.
SoftBank ( SFTBF ) announced on Monday a plan to merge its Z Holdings unit before Yahoo Japan with Line Corp messaging operator in 2020.
Z Holdings ( YAHOY ) and Line Corp ( LN ) increased by 1
.2% and 2.2, respectively. % each in Tokyo.
US futures, meanwhile, are slightly retreating on Asian trading hours on Monday. Futures for Dow ( INDU ) S&P 500 ( SPX ) and Nasdaq (19459011] COMP ) have all been reduced.

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