Hang Seng Hits 2-Week Low But Books Third Monthly Gain
The Hang Seng plunged 404 points or 1.6% to end at 24,773 on Thursday, marking its third straight loss and the lowest close in two weeks. Sentiment deteriorated after China’s official PMI showed services activity growing the least in eight months and factory output falling the most in six, amid mounting trade barriers and extreme weather. Meanwhile, U.S. President Trump’s suspension of “reciprocal” tariffs is set to expire Friday, with only eight trade deals secured in the past 120 days.
On the monetary front, Fed Chair Powell pushed back against expectations for a September rate cut while holding rates steady for the fifth successive meeting. Losses were broad-based, led by property, consumer, and financial stocks. Notable decliners included Laopu Gold (-9.2%), Meituan (-4.7%), Pop Mart Intl. (-4.5%), and China Overseas Land (-4.2%). Still, the index surged 2.9% in July, its third monthly rise, buoyed by hopes of extending the U.S.-China tariff truce and Beijing’s pro-growth measures.
Source: Tradingg Economics
