Hong Kong stocks were largely flat on Friday, when global markets calmed after China’s central bank soothed investor fears triggered by the yuan’s shock devaluation earlier in the week.
The Hang Seng index fell 0.1 percent, to 23,991.03, while the China Enterprises Index lost 0.2 percent, to 11,060.06 points.
For the week, the Hang Seng lost 2.3 percent.
China’s central bank stunned markets on Tuesday by devaluing the yuan by nearly 2 percent, and the currency fell more the following two days.
Telecommunications and Utility stocks rose while energy and property shares fell.
Shares in Lenovo Group Ltd slumped for the second day, after the Chinese personal computer giant said its quarterly net profit was halved as its mobile division lost nearly $ 300 million.
Asian stocks headed for a fourth weekly decline as investors weighed the impact of China’s devaluation and the timing of a U.S. interest rate increase.
The MSCI Asia Pacific Index fell less than 0.1 percent to 138.35 as of 9:08 a.m. in Tokyo, heading for a 1.9 percent decline this week. Global markets, jolted when China unexpectedly devalued its currency, calmed yesterday after the People’s Bank of China said it supports a strong, stable yuan. U.S. retail sales added to signs the world’s largest economy is strengthening, and raised expectations the Federal Reserve may raise rates next month.
Japan’s Topix index slid 0.2 percent. Australia’s S&P/ASX 200 Index gained less than 0.1 percent. New Zealand’s NZX 50 Index rose 0.3 percent.
Markets in Hong Kong and China have yet to start trading. The Shanghai Composite Index climbed 1.8 percent on Thursday while the Hang Seng China Enterprises Index of mainland companies in Hong Kong and the city’s benchmark Hang Seng Index both gained 0.4 percent.
The Shanghai Composite has fallen 23 percent from its June peak amid concern the nation’s economic slowdown is deepening. Data this month showed producer prices slid in July to the lowest level since 2009 and overseas shipments dropped more than expected. Industrial production and retail sales also missed forecasts last month, according to reports on Wednesday.
The offshore-traded yuan gained 0.1 percent to 6.4597 per dollar in early Friday trading, after rallying 0.9 percent in the previous session.
Futures on the Standard & Poor’s 500 Index fell 0.1 percent. The underlying index slipped 0.1 percent on Thursday.