Shares in Hong Kong fell 105 points or 0.4% to 23,717 on Thursday morning session, snapping gains in the prior two sessions following a tumble on Wall Street overnight as concerns mounted that a new budget bill in the U.S. would put more stress on an already large deficit.
Markets retreated from their nearly two-month highs, hit the previous day, as broad-based losses across all sectors particularly property, consumer, and tech weighed on sentiment.
Limiting further falls were upbeat notes from UBS highlighting a sharp revival in Hong Kong's IPO market in 2025, with year-to-date proceeds reaching $9 billion a 320% yoy surge. Meantime, Morgan Stanley raised its targets for Chinese stocks, citing structural improvements and progress on tariffs and earnings.
Notable losers included Nongfu Spring (-4.3%), Kuaishou Tech. (-2.5%), and Trip.com (-1.5%). In contrast, EV maker Xpeng surged 13% after posting better-than-expected Q1 earnings, driven by strong demand for its lower-priced products.
Source: Trading Economi
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