Hang Seng Closes Down 0.5%
The Hang Seng Index fell 121 points, or 0.5%, to close at 25,497 on Tuesday, after surging 2% in the previous session amid a sharp decline in US index futures ahead of the August jobs report and concerns over aggressive US trade policy. Technology stocks led the decline as traders took profits after a sharp rally in AI-related stocks.
Property and consumer discretionary stocks also weakened, mirroring a decline in mainland Chinese equities after three days of gains. The decline was partly offset by positive Chinese manufacturing growth in August, according to a private survey. Meanwhile, President Xi Jinping announced plans to accelerate the establishment of a development bank and an international energy cooperation platform at a summit with Russia and India, underscoring Beijing's global ambitions.
Locally, Hong Kong retail sales rose 1.0% year-on-year in July, rebounding from a 0.3% increase. Among the stocks that experienced significant declines were Simcere Pharma (-7.6% due to discounted share sales), SMIC (-4.2%), China Unicom (-4.6%), Kuaishou Tech (-2.7%), and HKEX (-2.3%). (ayu)
Source: Newsmaker.id
