The Hang Seng Index fell 121 points, or 0.5%, to close at 25,497 on Tuesday, after surging 2% in the previous session amid a sharp decline in US index futures ahead of the August jobs report and concerns over aggressive US trade policy.
Technology stocks led the decline as traders took profits after a sharp rally in AI-related stocks. Property and consumer discretionary stocks also weakened, mirroring the weakness in mainland Chinese equities after three days of gains. The decline was partly offset by positive Chinese manufacturing growth in August, according to a private survey.
Meanwhile, President Xi Jinping announced plans to accelerate the establishment of a development bank and an international energy cooperation platform at a summit with Russia and India, underscoring Beijing's global ambitions. Locally, Hong Kong retail sales rose 1.0% year-on-year in July, rebounding from a 0.3% increase. Among the major laggards were Simcere Pharma (-7.6% on discounted share sales), SMIC (-4.2%), China Unicom (-4.6%), Kuaishou Tech (-2.7%), and HKEX (-2.3%). (alg)
Source: Trading Economics
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