Hang Seng Pares Losses at Finish
The Hang Seng fell 128 points, or 0.5%, to close at 26,829 on Wednesday, down for the third session as broad-based sector weakness hit sentiment.
The tech gauge slipped 0.6%, tracking Wall Street’s retreat after Oracle tumbled on margin concerns. Heavyweight Alibaba was down 1.6%, while Baidu (-3.2%), Meituan (-2.3%), and SMIC (-1.8%) logged steep losses, as U.S. lawmakers reportedly are pushing for wider curbs on chipmaking tool exports to China. Financials and consumer names also dropped, pressured by worries over China’s slowing recovery, exacerbated by recent adverse weather.
In contrast, gold miners rallied as bullion prices continued their record highs, with Shandong Gold Mining jumping 7.5% and Zhaojin Mining up 3.7%. Markets trimmed early losses after the World Bank upgraded its 2025 China growth forecast to 4.8% from 4.0%, boosting hopes for more stimulus to support Beijing’s 5% growth target. Meantime, mainland markets are set to reopen Thursday, potentially aiding momentum.
Source : Tradingeconomics.com
