Hong Kong Stocks Slip Despite Regional Gains

The Hang Seng Index slipped 0.3%, or 83 points, to 24,440 on Wednesday, extending losses despite a rebound across most Asian markets, as investors remained cautious amid uncertainty over the outlook for US interest rates and a busy slate of economic data from China. Market sentiment remained cautious as US Treasury yields stayed elevated, increasing pressure on equities globally. The decline in Hong Kong came despite improving economic signals from mainland China. China's official manufacturing purchasing managers' index rose to 50.1 in September from 49.8 in August, returning to expansion territory and suggesting that factory activity was gaining momentum. Beijing’s targeted credit and mortgage-support measures announced Tuesday were also in focus ahead of the Oct. 1-7 holiday. Notable declines came from Tencent (-0.8%), China Resources Land (-2.9%) and Akeso (-2.6%) while Z.AI Co. (5.0%) and MiniMax (3.5%) rose.