Hong Kong Stocks Fall for Second Day
The Hang Seng Index fell 1.2%, or 287 points, to around 22,031 on Thursday, extending losses for a second consecutive session as weakness across technology, retail and financial stocks weighed on the market. Technology sentiment was pressured by Nvidia’s 8% decline in after-hours US trading following a Wall Street Journal report that the chipmaker was preparing to oust CEO Jensen Huang, raising concerns over leadership uncertainty and adding volatility to the global AI sector. Moreover, Hong Kong’s IPO market showed signs of losing steam, with all six companies listing this week pricing shares near the bottom of their marketed ranges amid weak institutional demand. Investors also remained cautious over US monetary policy following stronger inflation data and increased expectations of a December Federal Reserve rate hike. Among notable laggards were Tencent (-1.6%), AIA (-0.7%), Meituan (-1.9%), Alibaba (-2.6%), and CK Hutchison (-3.3%).
The Hang Seng Index fell 1.2%, or 287 points, to around 22,031 on Thursday, extending losses for a second consecutive session as weakness across technology, retail and financial stocks weighed on the market. Technology sentiment was pressured by Nvidia’s 8% decline in after-hours US trading following a Wall Street Journal report that the chipmaker was preparing to oust CEO Jensen Huang, raising concerns over leadership uncertainty and adding volatility to the global AI sector. Moreover, Hong Kong’s IPO market showed signs of losing steam, with all six companies listing this week pricing shares near the bottom of their marketed ranges amid weak institutional demand.
Investors also remained cautious over US monetary policy following stronger inflation data and increased expectations of a December Federal Reserve rate hike. Among notable laggards were Tencent (-1.6%), AIA (-0.7%), Meituan (-1.9%), Alibaba (-2.6%), and CK Hutchison (-3.3%).