The Hang Seng Index fell 203 points, or 0.8%, to close at 24,999 on Thursday (August 28th), extending its decline into a third session, weighed down by declines in consumer and technology stocks. The benchmark index hit its lowest level in a week amid growing doubts about the sustainability of China's stock rally, which has been underway since April, and caution ahead of the release of China's official August PMI later this week.
Meituan plunged 13.2% due to intensifying competition in the domestic food delivery market and limited overseas expansion, particularly in Brazil. Alibaba fell 4.7% as the company plans to refinance a USD 6.5 billion loan maturing next year.
Conversely, trade-related concerns over Nvidia's business in China drove sharp gains in local stocks, with SMIC surging 10.5%, Horizon Robotics 13.7%, and Lenovo Group 2.5%. Further losses were contained by a rebound in US futures, as expectations for a Fed rate cut next month grew following Chairman Powell's dovish stance and President Trump's pressure on the central bank. (alg)
Source: Trading Economics
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