The Hang Seng Index slipped 0.2%, or 43 points, to 24,085 on Thursday, as a selloff on Wall Street and renewed worries about inflation and interest rates weighed on market sentiment. A sharp overnight decline in US equities, together with a jump in US Treasury yields, reinforced expectations that interest rates may stay higher for longer. At the same time, Brent crude held above US$100 a barrel, further stoking inflation concerns.
On the domestic front, Hong Kong’s private-sector activity remained in contraction. The September PMI fell to 49.2 from 49.5 in August, marking a second consecutive month below the 50-point threshold that separates expansion from contraction.
Technology and biotech stocks came under renewed selling pressure, even as mainland Chinese markets reopened following the week-long National Day holiday. Notable decliners included Genscript Biotech (-0.7%), Z.AI Co. (-3.8%), MiniMax (-5.9%), Shanghai Iluvatar CoreX (-6.1%), and InSilico Medicine Cayman (-5.1%).
