Hong Kong Shares Drop After Hitting 3-Month High
Hong Kong shares fell 103 points, or 0.4%, to 24,371 on Thursday morning, snapping a four-day rally as traders took profits after the market hit a three-month high. Sentiment was further dampened by Fed Chair Powell’s cautious stance on inflation and tariffs during his second day of congressional testimony, though he hinted that a rate cut could be considered if current pressures prove temporary.
However, Wall Street’s record highs helped limit sharper losses. On the geopolitical front, President Trump announced upcoming U.S.-Iran talks amid a tenuous ceasefire. In China, Premier Li Qiang voiced optimism over the country’s steady growth and shift to a consumption-led economy.
Sectorally, the Hang Seng was weighed down by declines in property, financial and consumer stocks, with Henderson Land (-3.7%), Mixue Group (-3.1%), Sun Hung Kai Properties (-3.0%) and KE Holdings (-2.7%) among the biggest laggards. In contrast, tech stocks edged higher, supported by a record-breaking gain in Nvidia shares. (alg)
Source: Trading Economics
