Market Update: HSI ends week up by 0.61%

The Hang Seng Index (HSI) closed the week up by 176.57 points or 0.61% at 28,969.71. This was due to a strong growth in gross domestic product, which signals continued recovery for China’s economy.

Top performers for Friday were Geely Automobile which rose by 7.13% or $21.8. This was followed by CNOOC which went up 3.06% or $8.43, and China Mobile with 3.02% or $51.20 gains.

The Tech Index also increased 89.21 points or 1.1% at 8,232.13.

Regional stock markets lagged global shares as upbeat US retail sales and manufacturing data, and record economic growth in China for the first quarter were offset by worries over surging infections.

On Wall Street, the S&P 500 and Dow Industrial indexes were on their fourth straight week of gains after boosts on earnings of US banks, whilst the NASDAQ was near to hitting its all-time closing high on positive corporate earnings.

S&P 500 closed the week up 0.36% or 15.05 points higher at 4,185.47, whilst Dow Jones Industrial rose 0.48% or 164.68 points at 34,200.67. NASDAQ also grew 0.10% or 13.58 points at 14,052.34.

Meanwhile, London’s FTSE 100 has reached its 7,000 mark for the first time since the pandemic due to drop in COVID-19 infections and economic rebound. It has closed the week higher by 0.52% or 36.03 points to end at 7,019.53.

FTSE 250 also reached up 0.22% or 50.14 points, closing at 22,522.18.