Hang Seng Weakens, SMIC Chip Shares Also Dragged
Hong Kong's Hang Seng Index weakened again for the third consecutive day on Wednesday, falling 0.5% to 25,382.56 in the morning session. Sentiment was weighed down by investor concerns as they awaited signals on the direction of the Fed's interest rate policy next year, following Wall Street's sluggish overnight performance. Selling pressure was also felt in other indices: the Hang Seng Tech Index fell slightly by 0.1%, the CSI 300 in mainland China fell 0.7%, and the Shanghai Composite fell 0.5%. Large stocks such as WuXi AppTec, NetEase, and Kuaishou all fell around 1.6%-1.9%.
One major highlight was shares of Chinese chipmaker SMIC, which fell 1.6% to HK$67.75, extending the decline after US President Donald Trump allowed Nvidia to resell advanced AI chips to China. In fact, SMIC shares have surged 112% this year thanks to its push for technological self-sufficiency and strong government support for local chips. However, the index's decline was offset by gains in Meituan, Baidu, and Ping An. Two IPO stocks surged sharply today: Shanghai Bao Pharmaceuticals surged 118% in Hong Kong and Beijing Biocytogen surged 150% in Shanghai. Elsewhere in Asia, a weakening trend was also felt: Japan's Nikkei 225 fell 0.6%, South Korea's Kospi weakened 0.1%, while Australia's S&P/ASX 200 index moved nearly flat. (az)
Source: Newsmaker.id
