The Hang Seng fell by 168 points, or 0.9%, to close at 19,280 on Wednesday, marking its third consecutive decline and hitting a six-week low as losses spread across various sectors.
Hang Seng drops on US and China tensions
Investor sentiment remained risk-averse amid uncertainty surrounding US interest rates and policies under President-elect Trump. Caution also lingered ahead of China’s National People’s Congress in March, with expectations of limited policy changes in the short term. Meanwhile, Chinese officials condemned Washington’s decision to blacklist several Chinese tech firms over alleged military ties. Tencent Holdings dropped nearly 3% to a four-month low despite reassurances that its business would not be affected by the US actions.
US futures gain, easing losses; Smoore, Xiaomi lead declines
A slight uptick in US futures provided some support, easing further declines following data that showed US job openings reached a six-month high in November. Other notable decreases included Smoore International (-6.5%), Xiaomi Corp. (-4.3%), Techtronic Industries (-4.9%), and Semiconductor Manufacturing (-2.4%).
