The Hang Seng dipped 151 points or 0.6% to finish at 24,070 on Thursday, reversing previous strength as falls hit most sectors, particularly consumer, financial, and tech.
Caution prevailed ahead of key U.S. payroll data after the first drop in private sector jobs in over two years. In China, a private survey showed services activity fell to a nine-month low in June, weighed by the steepest decline in foreign sales in over two years amid mounting trade headwinds.
Fierce competition among mainland e-commerce giants also raised concerns over profit margins. The index trimmed early losses on an uptick in U.S. futures after Trump's trade deal with Vietnam. Meantime, U.S. chip design firms reported easing export curbs to China, and the U.S. House narrowly passed Trump's tax and spending bill.
Alibaba slid near 3% after launching a CNY 50 billion subsidy plan, while Meituan and JD.com lost 2.4% and 2.3%, respectively. Pharma stocks advanced on fresh policy support for innovative drugs.
Source: Trading Economi
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