The Hang Seng Index fell 93 points, or 0.4%, to close at 25,177 on Monday (August 18th), reversing early gains as property and financial stocks dragged the index down. Sentiment worsened due to rising debt repayment risks in Hong Kong's property sector, with bond maturities expected to surge to nearly 70% next year amid weak sales.
US index futures also weakened as President Trump plans to announce tariffs on semiconductor imports in the coming weeks. Caution prevailed ahead of the Fed's Jackson Hole symposium, where Chairman Powell is expected to outline the economic outlook and policy stance.
Meanwhile, the People's Bank of China (PBOC) pledged to "thoroughly" implement "moderately loose" monetary policy with targeted support, a signal that it may refrain from aggressive easing such as interest rate cuts despite China's weakest month so far this year in July. Standard Chartered plunged 5.1% after a US lawmaker called for an investigation into alleged sanctions evasion, while property stocks Longfor (-2.8%), China Resources Land (-2.3%), and Henderson Land (-2.2%) also weighed. (alg)
Source: Trading Economics
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