The Hang Seng Index fell 128 points, or 0.5%, to close at 26,829 on Wednesday, declining for a third straight session as sector-wide weakness gripped the market. The technology index fell 0.6%, tracking Wall Street's losses after Oracle fell on margin concerns.
Shares of tech giant Alibaba fell 1.6%, while Baidu (-3.2%), Meituan (-2.3%), and SMIC (-1.8%) posted sharp losses, as US lawmakers reportedly pushed for broader restrictions on chip-making equipment exports to China. Financial and consumer staples stocks also weakened, weighed down by concerns over China's slowing economic recovery, exacerbated by recent bad weather.
Conversely, gold mining stocks rallied as bullion prices extended their record highs, with Shandong Gold Mining surging 7.5% and Zhaojin Mining rising 3.7%. Markets pared initial losses after the World Bank raised China's 2025 growth forecast to 4.8% from 4.0%, raising hopes for further stimulus to support Beijing's 5% growth target. Meanwhile, markets in mainland China are set to reopen on Thursday, potentially boosting momentum. (alg)
Source: Trading Economics
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