The Hang Seng lost 77 points or 0.3% to end at 26,752 on Thursday, declining for the fourth session as most sectors weakened.
The financial index dropped 0.7% after reports that HSBC Holdings plans to buy out minority shareholders in its majority-owned Hang Seng Bank for about USD 13.6 billion. HSBC's Hong Kong-listed shares plunged 5.5%, while Hang Seng Bank surged 26%, with Citi analyst Andrew Coombs noting that investors were questioning "why now and at this price."
Tech shares retreated as sentiment soured after China broadened its rare earth export controls, citing tech and military uses. Consumers were also lower, dragged by losses in pharma stocks amid profit-taking. Notably, Sichuan Kelun-Biotech tumbled 12.0%, followed by Innovent Biologics (-9.2%), Sino Biopharm (-7.9%), and Wuxi Biologics (-2.8%). Losses were capped by a rally in mainland markets to their highest in over a decade, boosted by strong Golden Week spending and expectations of fresh policy support from Beijing.
Source : Trading View
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