The Hang Seng fell 70 points, or 0.3%, to close at 23,718 on Thursday, retreating from a rally in the previous session as declines in the technology and consumer staples weighed on sentiment.
The index fell from its highest level in more than three years, with the AI-driven tech boom, driven by startup DeepSeek, taking a breather after Nvidia's earnings. Geopolitical concerns also weighed on the market after China launched military drills near Taiwan. Meanwhile, investors awaited official February PMI data from the mainland, with expectations that the Lunar New Year holiday may have slowed overall activity.
The index pared early losses after a report that China plans to inject at least 400 billion yuan ($400 billion) into its biggest banks in the coming months to help the economy recover. In Hong Kong, the 2024-25 budget emphasizes government spending cuts with limited impact on livelihoods while highlighting AI investment as a top priority. Xiaomi Corp. down 6.1%, followed by China Unicom (5.5%), Trip.com (-5.0%), and Kuaishou Tech (-3.8%).
Source: Trading Economics
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