Stock market indexes in China and Hong Kong extended losses of the week after investors questioned the recent revaluation of tech stocks amid euphoria surrounding the rapid adoption of artificial intelligence technology.
Benchmark indexes in China and Hong Kong lacked direction after surging in the Friday's session. Tech stocks remained in focus amid Deep Seek-driven optimism.
Japan's benchmark indexes trimmed weekly losses, and the yen firmed up in Friday's trading. Consumer price inflation accelerated to a two-year high in January, supporting the case for a rate hike in March. Manufacturing sector activities growth contracted for the eighth month in a row in February.
China and Hong Kong market indexes extended weekly advances as foreign investors resumed buying and poured money into leading tech and industrial stocks.
Japan's benchmark indexes dropped for the second consecutive session amid rising threats of U.S. tariffs and trade barriers for exports from the automobile, semiconductor, and pharmaceutical industries.
Tech stocks extended this week's decline after investors questioned valuations. The People's Bank of China held its one-year and five-year loan prime rates for the fourth successive month in February.
China's market indexes struggled after the five-week tech stocks rally ran out of steam. Home prices continued to slide in January, confirming that the four-year-long property market malaise is far from over. HSBC said 2024 earnings rose 2%.
Technology extended gains for the third week in a row and pushed the benchmark tech index in Hong Kong into the bull market territory. China's leaders reversed their confrontational stance with the private sector after the success of the artificial intelligence chatbot Deep Seek.
Japan's fourth quarter GDP expanded for the third consecutive quarter, driven by the sustained rise in government spending and an unexpected increase in private sector activities.
Japan's benchmark indexes halted a three-day rally, and trimmed weekly gains to 1%. Sony Group estimated strong revenue and profit in the fiscal 2024, driven by the strength in gaming console sales.
The Hang Seng Index extended weekly advance to 5% and rallied for the fifth consecutive week amid euphoria linked to artificial intelligence-linked stocks.
The weakening of the yen extended the rally in stock market indexes for the second day in a row. Trend Micro soared on takeover speculation, and Toray Industries advanced after releasing quarterly results.
Tech stocks continued to rally in Hong Kong and lifted the tech index to a high seen five months ago. Broader markets in China remained under pressure amid a lack of progress in implementing the previously announced stimulus measures.
