The Hang Seng index slumped 206 points, or 0.8%, to close at 25,952 on Tuesday, losing early gains as sentiment soured amid a broad sectoral decline. The technology index fell 1.8% after US President Trump said Nvidia would be banned from selling its most advanced AI chips to China, although it would allow some sales to Beijing.
Traders largely shrugged off reports that China was raising subsidies, cutting energy bills for major data centers. Consumer and property stocks also weakened, following declines in mainland China as US index futures plunged on uncertainty over the Fed's interest rate direction after two cuts this year and concerns about a lingering government shutdown.
On the business front, depressed Chinese property stocks returned to the spotlight: New World unveiled a $1.9 billion bond swap plan that included a credit cut, while Vanke's dollar bonds tumbled after its largest shareholder tightened lending requirements. Significant decliners included Li Auto (-3.7%), Innovent Biologics (-3.5%), Zijin Gold (-2.9%), and Xiaomi Corp. (-2.7%). (alg)
Source: Trading Economics
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