Hang Seng Extends Losing Streak to Five Sessions as Tech, China Data Weigh
Hong Kong stocks slipped for a fifth straight session on Wednesday, with the Hang Seng Index down 105 points (-0.4%) to 25,019 in morning trade. The retreat tracked a tech-led selloff on Wall Street and caution ahead of the Fed’s July minutes and the Jackson Hole policy symposium, keeping risk appetite subdued.
Sentiment was further dented by Tuesday’s report showing China’s youth unemployment rose to 17.8% in July, an 11-month high, highlighting soft demand across technology, property and education. Losses were cushioned after the PBoC left benchmark lending rates at record lows, a move aimed at shoring up liquidity and countering disinflation.
Onshore mainland A-shares fared better, supported by relatively cheap valuations, signs of easing U.S.–China trade frictions, and a rotation into domestic-consumption themes. In Hong Kong, most sectors fell, led by technology and consumer names.
Notable movers included Hansoh Pharma, which tumbled over 6% on a discounted share sale. China Longyuan Power (-4.7%), Kunlun Energy (-4.2%), MGM China (-2.9%), and Xiaomi (-1.0%) also declined.
Source: Newsmaker.id
