The Hang Seng tumbled 363 points or 1.4% to close at 26,545 on Thursday, reversing early gains as sentiment turned sour amid a sharp drop in mainland markets. Pressure mounted after the PBoC today signaled no urgency to ease monetary policy, leaving its seven-day reverse repo rate unchanged at 1.4%.
This fueled bets that Beijing may delay fresh stimulus until next year. In the US, the Fed lowered its benchmark rate as expected, with Chair Powell calling it a "risk management cut" while projecting two more reductions this year, another in 2026, one in 2027, and none in 2028. Profit-taking also weighed, after Hong Kong markets hit a four-year high ahead of Friday's Trump-Xi call on TikTok's US ownership deal.
Losses were broad-based, led by property, financials, and consumer stocks. Dongfang Electric Hong Kong plunged 3.1% on a discounted share sale. Deep losses were also observed for TransThera Sciences (-12.3%), Geely Auto (-4.8%), Shandong Hi-Speed (-4.3%), and Laopu Gold (-3.6%).
Source: Trading Economi
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