Hong Kong stocks extend losses amid rate-cut caution and muted China policy outlook
Global banks cite lack of urgency in policy signals; Wall Street retreat adds pressure on sentiment
The Hang Seng Index lost 1.3 per cent to 25,434.23 at the close of trading, adding to the 1.2 per cent loss recorded the previous day. The Hang Seng Tech Index dropped 1.9 per cent. On the mainland, the CSI 300 Index fell 0.5 per cent and the Shanghai Composite Index slipped 0.4 per cent.
Chinese chipmaker Semiconductor Manufacturing International Corporation slumped 4.1 per cent to HK$68.85 after US President Donald Trump approved US chip giant Nvidia’s request to export its H200 artificial intelligence chips to China. Search-engine giant Baidu declined 3.5 per cent to HK$121.40, and blind-box toymaker Pop Mart International dropped 5 per cent to HK$190.30. E-commerce company Alibaba Group Holding lost 1.6 per cent to HK$150.90, and peer JD.com slipped 1.1 per cent to HK$114.90.
Limiting losses, pharmaceutical firm WuXi AppTec jumped 1.1 per cent to HK$104.60, and lender HSBC Holdings advanced 0.4 per cent to HK$109.50.
In the US, all three major benchmarks slipped, with traders growing cautious about the Federal Reserve’s rate-cut outlook amid persistent inflation and limited economic updates during the US government shutdown. The Dow Jones lost 0.5 per cent, the S&P 500 declined 0.4 per cent and Nasdaq retreated 0.1 per cent.