Hang Seng Index Stuck Below 250-Day Line as Nvidia-Led US Rally Fails to Lift Hong Kong
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
The Hang Seng Index ended the trading day essentially flat on August 28, 2026, despite a robust US market rally led by Nvidia's exceptional earnings. The index closed at 25,565, narrowly holding the 10-day moving average at 25,550, as investors struggled to find catalysts for a sustained breakout above the psychologically important 250-day moving average at 25,761. Trading was notably thin with turnover of just HK$233.5 billion, reflecting a cautious market mood as participants positioned ahead of key earnings from Meituan and Federal Reserve Chair Jerome Powell's closely watched speech at the Jackson Hole symposium.
Key Points
- Nvidia's strong quarterly results drove its shares up 8.7% on August 28, adding US$442 billion in market capitalization and lifting most technology stocks
- The Dow Jones Industrial Average rose 105 points (0.2%) to 53,569; the S&P 500 gained 55 points (0.72%) to 7,730; the Nasdaq Composite advanced 411 points (1.57%) to 26,541
- Salesforce announced enhanced AI collaboration with Anthropic and raised its full-year guidance, sending its shares surging 22.6% — the biggest gain among Dow components
- Kansas Fed President Jeffrey Schmid indicated support for additional rate hikes, stating current policy has not reached tightening territory, while Chicago Fed President Austan Goolsbee noted that recent tariff and price shocks may not be persistent
- Meituan (stock code: 3690) is scheduled to release earnings after market close on August 28; the company's shares fell below the HK$80 psychological level and have declined for three consecutive weeks
Why It Matters
The Hang Seng Index's inability to breach the 250-day moving average despite a strong Wall Street lead underscores persistent weakness in Hong Kong's equity market, where the absence of fresh catalysts has kept trading subdued. Meituan's earnings release after the close will serve as a critical test of whether the pattern of post-results selloffs affecting other mega-cap stocks will continue, potentially influencing broader market sentiment in the coming sessions .
The Hang Seng Index's inability to breach the 250-day moving average despite a strong Wall Street lead underscores persistent weakness in Hong Kong's equity market, where the absence of fresh catalysts has kept trading subdued. Meituan's earnings release after the close will serve as a critical test of whether the pattern of post-results selloffs affecting other mega-cap stocks will continue, potentially influencing broader market sentiment in the coming sessions .