The Hang Seng fell 283 points or 1.2% to close at 23,544 on Thursday, ending a two-day winning streak amid losses in global stocks following a sell-off on Wall Street due to concerns over U.S. fiscal stability. Meanwhile, President Trump pushed to pass a major spending and tax-cut package through Congress.
The index retreated from a near two-month high, with sharp declines in tech, property, and consumer stocks. Limiting further weakness were reports that Morgan Stanley raised its 2025 GDP forecast for China to 4.5% and 4.2% for 2024, citing easing Sino-U.S. trade tensions and expected fiscal stimulus of CNY 500 billion to CNY 1 trillion to boost infrastructure.
Additionally, UBS noted a strong rebound in Hong Kong's IPO market, with $9 billion raised so far this year—up 320% yoy. On the corporate front, Tencent reportedly planned to upgrade infrastructure to support broader AI adoption. Top losers included Nongfu Spring (-4.8%), Trip.com (-3.1%), Xiaomi (-2.4%), and SMIC (-2.0%)
Source: Trading Economcis
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