Equities in Hong Kong dropped 105 points or 0.4% to 25,019 in Wednesday morning trade, slipping for the fifth session after a tech-led selloff on Wall Street ahead of the Fed's July meeting minutes and the Jackson Hole meeting.
Sentiment remained fragile after Tuesday's data showed China's youth unemployment hit an 11-month high of 17.8% in July, with weak demand in tech, real estate, and education sectors. Losses were contained by the PBoC's move to keep key lending rates at record lows, in line with consensus, as Beijing sought to bolster liquidity and counter disinflation.
Meanwhile, mainland stocks managed their bullish momentum, due to attractive valuations, easing trade tensions with the U.S., and a rotation into domestic consumption themes. Most Hong Kong sectors traded lower, led by tech and consumer names. Hansoh Pharma tumbled over 6% on a discounted share sale, while China Longyuan Power (-4.7%), Kunlun Energy (-4.2%), MGM China (-2.9%), and Xiaomi Corp. (-1.0%) also fell.
Source: Trading Economic
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