Hang Seng Index buoyed by Goldman upgrade - RTHK
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Hang Seng Index buoyed by Goldman upgrade

2025-07-11 HKT 16:59
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  • The Hang Seng Index ended on Friday up 111.20 points, or 0.46 percent, at 24,139.57. File photo: RTHK
    The Hang Seng Index ended on Friday up 111.20 points, or 0.46 percent, at 24,139.57. File photo: RTHK
Mainland China stocks gave up most of their gains and closed flat on Friday, weighed down by a drop in bank shares, while Hong Kong shares held on to gains after a Goldman upgrade

The benchmark Hang Seng Index ended the trading week up 111.20 points, or 0.46 percent, at 24,139.57.

The Hang Seng China Enterprises Index rose 0.22 percent to end at 8,687.56.

Biotech and tech shares led gains, with the Hang Seng Tech Index adding 0.61 percent to end the week at 5,248.48 while the Hang Seng Biotech Index jumped 1.3 percent.

Goldman Sachs upgraded the city's stocks to market weight, citing stronger earnings growth driven by improvements in both capital markets and property activity supported by low local interest rates.

On the mainland, the benchmark Shanghai Composite Index inched up up 0.01 percent to 3,510.18 while the Shenzhen Component Index closed 0.61 percent higher at 10,696.10.

The combined turnover for these two mainland Chinese indexes stood at 1.71 trillion yuan, up from 1.49 trillion yuan on Thursday.

Securities firms and stocks related to the internet finance and non-ferrous metal sectors led gains while stocks in the banking and gaming sectors led the losses.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 0.8 percent to close at 2,207.10.

In Tokyo, the Nikkei share average surrendered early gains to close 0.19 percent lower at 39,569.68 after rising as much as 0.8 percent earlier in the session as sharp declines in Fast Retailing led technology stocks to erase gains.

The broader Topix rose 0.39 percent to 2,823.24.

Fast Retailing tanked 6.93 percent after the Uniqlo brand owner said on Thursday higher US tariffs would start impacting its US operations significantly from later this year and that it plans to raise prices to mitigate the blow. (Reuters/Xinhua)

Hang Seng Index buoyed by Goldman upgrade