The Hang Seng Index fell 54 points, or 0.2%, to close at 25,123 on Tuesday (August 19), marking its fourth session of declines and its lowest close in nearly three weeks. Investors remained cautious ahead of the PBoC's monthly benchmark lending rate review due on Wednesday.
Weakening US index futures also added to risk-off sentiment ahead of the Jackson Hole meeting later this week. Meanwhile, the latest data showed China's youth unemployment rate jumped to 17.8% in July from 14.5% in June, the highest since August 2024. The broader unemployment rate also rose to a four-month high of 5.2%.
The decline was limited by signs of progress toward resolving the Russia-Ukraine conflict, with US President Trump proposing separate meetings with Putin and Zelensky, followed by a trilateral session. Most sectors closed lower, led by technology, financials, and consumer discretionary. Li Auto slumped 2.4% due to weaker sales prospects, while SMIC (-3.8%) and pharmaceutical stocks such as Sino Biopharma (-5.4%), Innovent Biologics (-4.0%), and Wuxi Biologics (-3.9%) also weighed. (alg)
Source: Trading Economics
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