Slides in Meituan and Alibaba Push Hang Seng to One-Week Low
The Hang Seng slipped 203 points or 0.8% to close at 24,999 on Thursday, extending its decline to a third session, weighed by losses in consumer and tech stocks.
The benchmark index hit its lowest level in a week amid mounting doubts over the sustainability of China’s stock rally, which has been building since April, and caution ahead of the release of August’s official Chinese PMI this weekend. Meituan tumbled 13.2% on intensifying competition in the domestic food delivery market and limited expansion abroad, particularly in Brazil.
Alibaba fell 4.7% as it moved to refinance a USD 6.5 billion loan maturing next year. In contrast, trade-related concerns over Nvidia’s China business spurred strong gains in local peers, with SMIC jumping 10.5%, Horizon Robotics 13.7%, and Lenovo Group 2.5%. Further losses were curbed by a rebound in U.S. futures, as expectations for a Fed rate cut next month grew following Chair Powell’s dovish pivot and President Trump’s pressure on the central bank.
Source : Trading Economics
