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Hong Kong’s Hang Seng index sees best week since February

By Mensholong Lepcha


Neon sign boards in the a street in Hong Kong
Neon sign boards in the a street in Hong Kong – Photo: Shutterstock

Hong Kong’s Hang Seng index saw its best week in over eight months on Friday as property stocks gained on reports that cash-strapped Evergrande averted a dollar bond default.

Benchmark Hang Seng index trimmed gains to trade 0.2% higher after lunch on Friday. The index was on track to close higher for the fourth straight week with a weekly gain of 2.9%.

Hang Seng Properties index extended gains to advance 1.6% on Friday following the welcoming news on Evergrande. Real estate firms Longfor Group and China Resources Land were top gainers on the index, up 6.3% and 3.9%, respectively.

Tech stocks in Hong Kong rally

Tech stocks in Hong Kong contributed most to the benchmark index’s rise over the week. The Hang Seng TECH index gained nearly 6% this week as investor picked up battered down stocks on attractive valuations.

E-commerce giant Alibaba Group saw its best week since April with a weekly gain of 7.9% while tech heavyweight Tencent Holdings closed higher for the fourth straight week.

Bucking the trend, Chinese coal firms posted heavy losses on Friday after coal futures in China plunged as Beijing stepped in to curb surging prices.


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Overnight fee time 21:00 (UTC)
Spread 1.8


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Short position overnight fee 0.0032%
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+1.100% 1D Chg, %
Long position overnight fee -0.0255%
Short position overnight fee 0.0032%
Overnight fee time 21:00 (UTC)
Spread 0.7


18,525.50 Price
+1.560% 1D Chg, %
Long position overnight fee -0.0228%
Short position overnight fee 0.0009%
Overnight fee time 21:00 (UTC)
Spread 31.0

Japan inflation rises

On Friday, Japanese technology stocks gain most to help the benchmark Nikkei 225 index recovered from Thursday’s losses. Tech investor SoftBank Group climbed 0.6% while conglomerate Rakuten Group gained 1.6%.

The Japanese benchmark index rose 0.3% to 28,804.85 points on Friday but still posted a loss of 0.9% for the week.

Data showed consumer inflation in Japan rose for the first time in 18 months in September. Investors now await the Lower House general elections scheduled for next week.

Aussies shares close flat

Meanwhile, Australia’s S&P/ASX 200 index ended close to flat for a second day in a row on Friday. The Aussie benchmark extended weekly gains to three straight weeks.

Railway operator Aurizon Holdings dropped over 6% to see its worst day since March 2020 after announcing a $1.8bn deal to buy One Rail Australia.

Lynas Rare Earths, the largest rare earths producer outside China, tumbled over 8% to emerge as the top percentage loser on the benchmark index after reporting a fall in quarterly revenue.

Markets in this article

Alibaba Group
77.3 USD
0.1 +0.130%
Hong Kong 50
18525.5 USD
284 +1.560%
Japan 225
31408 USD
630 +2.050%
SoftBank Group Corp.
5743.0 USD
156.6 +2.820%
316.5 USD
5 +1.620%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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