The Hang Seng Index was little changed at 25,880 on Wednesday, as support from a positive Wall Street lead was offset by weaker Chinese economic data and renewed worries over US–China technology tensions. Overnight, major US benchmarks closed at record highs after revived optimism about a possible breakthrough in US–Iran talks lifted risk appetite, pushing oil prices sharply lower and easing inflation concerns.
In Hong Kong, however, sentiment stayed subdued following China’s latest PMI release, which showed a slowdown in both services activity and overall private-sector growth in July, casting fresh doubt on the strength of the economic recovery. Chinese optical stocks retreated, with Zhongji Innolight among the biggest decliners, underscoring resurfacing concerns over escalating US–China technology restrictions.
Notable gainers included SMIC (up 4.4%), Z.AI Co. (5.6%), Lenovo (6.5%), Kingboard Laminates (4.1%), and Techtronic Industries (7.7%).
