The Hang Seng Index fell 285 points, or 1.1%, to close at 25,058 on Thursday (September 4), weakening for a third session amid widespread weakness. The index followed mainland Chinese stocks lower after reports that China was considering cooling measures for the stock market, including easing some restrictions on short selling.
The news triggered profit-taking after a 10% surge in Chinese stocks in August, driven by record margin financing and intensive trading, which raised concerns about overheating. The technology index slumped 1.9%, dragged down by a decline in Cambricon shares, due to concerns about outflows related to the upcoming index rebalancing in mainland Chinese markets.
Property, consumer discretionary, and financial stocks also weakened due to ongoing global fiscal concerns. The decline was partly offset by expectations of a Fed rate cut later this month following weak US jobs data. Major decliners included Horizon Robotics (-6.9%), SMIC (-6.4%), Kuaishou Tech (-3.1%), Innovent Biologics (-6.9%), Hansoh Pharma (-4.4%), and Akeso Inc. (-4.2%). (alg)
Source: Trading Economics
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