HSI Falls 97 Points as Trading Volume Hits Four-Month Low; Trip.com Tumbles 5%
SingTao · 1 SOURCESabout 3 hours ago2 MIN
Summary
Hong Kong stocks ended lower on Thursday as the Hang Seng Index extended its losing streak to four consecutive sessions. The benchmark gauge slipped 97 points to close at 25,213, with turnover declining to HK$199.3 billion—the weakest reading in four months. Analysts expect the market to remain range-bound between 25,000 and 26,000 points until investors digest the potential impact of US interest rate hikes and any easing of geopolitical tensions in the Middle East .
Key Points
- The HSI opened 171 points higher at 25,482 but gave up gains to touch an intraday low of 25,160, down 151 points, before closing at 25,213 .
- US August ADP private payrolls increased by only 38,000—below market expectations—which eased concerns about a Federal Reserve rate hike in September and helped lift US equities overnight .
- Trip.com (9961) tumbled 5.4% to HK$325.2 after Morgan Stanley lowered its ADR target price from US$57 to US$52, citing weak domestic consumption, high oil prices, and restructuring of hotel commission schemes .
- Hutchmed (13) surged 14.3% to HK$21.88 after announcing an exclusive global licensing deal with GlaxoSmithKline for its novel antibody-targeted conjugate drug candidate HMPL-A830, focusing on colorectal, pancreatic, and lung cancers .
- China Biologics (1177) rose 6.3% and CSPC (1093) gained 4.8%, becoming the top two performing blue-chip stocks, driven by positive research development news from subsidiary Chia Tai Tianqing .
Why It Matters
The subdued trading volume reflects a cautious sentiment among investors ahead of key US economic data. The anticipated August non-farm payroll figures on Friday could trigger significant market volatility, particularly affecting Hong Kong's rate-sensitive tech and financial sectors. The divergence between weakness in consumer-facing internet stocks and strength in pharmaceutical names underscores the shifting investment landscape as market participants seek defensive positioning .
The subdued trading volume reflects a cautious sentiment among investors ahead of key US economic data. The anticipated August non-farm payroll figures on Friday could trigger significant market volatility, particularly affecting Hong Kong's rate-sensitive tech and financial sectors. The divergence between weakness in consumer-facing internet stocks and strength in pharmaceutical names underscores the shifting investment landscape as market participants seek defensive positioning .