Hong Kong Stocks Edge Lower
The Hang Seng Index edged down 0.2%, or 43 points, to 24,085 on Thursday, as a pullback on Wall Street and renewed concerns over inflation and interest rates weighed on sentiment. An overnight Wall Street selloff, coupled with a sharp rise in US Treasury yields, heightened concerns over higher-for-longer interest rates, while Brent crude remained above US$100 a barrel, adding to inflationary pressures. Locally, Hong Kong's private-sector activity remained in contraction, with the September PMI falling to 49.2 from 49.5 in August, marking a second straight month below the 50 threshold. Technology and biotech shares faced renewed selling pressure, while mainland markets reopened after the week-long National Day holiday. Genscript Biotech (-0.7%), Z.AI Co. (-3.8%), MiniMax (-5.9%), Shanghai Iluvatar CoreX (-6.1%), and InSilico Medicine Cayman (-5.1%) were among the notable decliners.
2%, or 43 points, to 24,085 on Thursday, as a pullback on Wall Street and renewed concerns over inflation and interest rates weighed on sentiment. An overnight Wall Street selloff, coupled with a sharp rise in US Treasury yields, heightened concerns over higher-for-longer interest rates, while Brent crude remained above US$100 a barrel, adding to inflationary pressures. 5 in August, marking a second straight month below the 50 threshold. Technology and biotech shares faced renewed selling pressure, while mainland markets reopened after the week-long National Day holiday.
AI Co. 1%) were among the notable decliners.