Hong Kong, China shares bounce on chip rally, potential state support
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Hong Kong and China stocks reversed earlier declines on Friday and narrowed the week's losses, thanks to rally led by chip shares and potential state buying, despite the escalating trade war with the U.S. The Hang Seng Index jumped more than 2% in afternoon trading, reversing an earlier fall of as much as 1.2%. The tech subindex climbed 3%. Chipmakers were among the biggest winners, with Hua Hong Semiconductor rallying as much as 20% and peer SMIC climbing more than 9%. On the mainland, the Shanghai Composite Index and the blue-chip CSI 300 Index also reversed losses to climb 0.6% and 0.5% respectively. The CSI Semiconductor Industry Index led gains onshore with a jump of more than 4%. Live Events The gains in the afternoon session have helped both Hong Kong and mainland markets to recover some ground from a heavy selloff earlier in the week. U.S. President Trump paused most of his "reciprocal" tariffs on Wednesday, thou...