Hong Kong Stocks Slip Despite Regional Gains

The Hang Seng Index slipped 0.3%, or 83 points, to 24,440 on Wednesday, extending losses despite a rebound across most Asian markets, as investors remained cautious amid uncertainty over the outlook for US interest rates and a busy slate of economic data from China. Market sentiment remained cautious as US Treasury yields stayed elevated, increasing pressure on equities globally. The decline in Hong Kong came despite improving economic signals from mainland China. China's official manufacturing purchasing managers' index rose to 50.1 in September from 49.8 in August, returning to expansion territory and suggesting that factory activity was gaining momentum. Beijing’s targeted credit and mortgage-support measures announced Tuesday were also in focus ahead of the Oct. 1-7 holiday. Notable declines came from Tencent (-0.8%), China Resources Land (-2.9%) and Akeso (-2.6%) while Z.AI Co. (5.0%) and MiniMax (3.5%) rose.

The Hang Seng Index declined 0.5%, or 119 points, to close at 24,524 on Tuesday, as investors remained cautious amid higher oil prices, elevated global bond yields and continued weakness in Chinese technology stocks. Brent crude rose 0.6% to around US$106 a barrel amid ongoing Middle East supply concerns, reinforcing inflation and interest-rate worries. Moreover, overnight losses on Wall Street with the 10-year yield rising above 5.2% and the 30-year yield reaching around 5.55%, adding to pressure on global risk assets. Meanwhile, mainland Chinese technology shares remained under pressure after the US moved toward restricting Chinese-made components used in AI data centers, while broader Chinese equities were also hurt by fading optimism following the Trump-Xi meeting. Cautious positioning ahead of China’s National Day holiday also limited risk appetite.  Notable laggards included Tencent (-1.8%), Xiaomi (-2.6%), AIA (-0.2%), Meituan (-2.0%), and Geely (-7.4%).

The Hang Seng Index rose 0.5%, or 132 points, to close at 24,643 on Monday, rebounding from three consecutive losses from last week as finance, technology and energy minerals provided support. The rally came despite a rise in Treasury yields to multi-decade highs as markets priced in the possibility of further Federal Reserve rate hikes. Oil prices also moved higher after President Donald Trump turned down Iran’s proposal to reopen the Strait of Hormuz, while Tehran indicated it remained firm on its conditions for restoring access through the key shipping route. On the domestic front, China’s industrial profits rose 15.7% year-on-year to CNY 5.27 trillion in the first eight months of 2026, slowing from 17.6% growth in the January-July period, highlighting a moderation in corporate profit growth. Notable movers included Tencent (0.7%), AIA (0.4%), Wuxi Biologics (0.8%), Meituan (0.4%), and China Resources Land Limited (2.9%).