Most Asian markets fell on Friday, with Hong Kong’s Hang Seng losing more than 2% as technology stocks came under pressure.
Tech giants Alibaba and Meituan tumbled more than 5%, with Alibaba heading for its third consecutive negative session. The Hang Seng dives 2.4%, with the Hang Seng Tech index losing 4.2%.
The pessimistic assessment of economic growth by the Chinese leadership and the lack of new stimulus measures are weighing on market sentiment. Beijing hinted on Thursday that it is not expected to launch new economic stimulus measures, while downgrading the official target for the country’s GDP to “closer to 5.5%”.
In mainland China, the Shanghai Composite lost 0.6%, while Shenzhen fell 1%.
Meanwhile, the Japanese yen posted strong gains against the dollar on Friday, following pressure in previous weeks in the shadow of aggressive monetary policy tightening in the US. The yen climbs to 133.19 per dollar.
Japan’s Nikkei 225 index is moving with small losses of 0.15%, while the Topix is ​​losing 0.5%.
Later in the day, data released today in Japan showed that industrial production jumped 8.9% in June from the previous month, after falling in May.
In South Korea the Kospi gains 0.6%, while in Australia the S&P/ASX 200 gains 0.8%.
Source: Capital
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