The Hang Seng Index fell 0.3%, or 83 points, to 24,440 on Wednesday, extending its losing streak even as most other Asian markets rebounded. Investors remained cautious amid uncertainty over the path of US interest rates and a heavy schedule of upcoming economic data from China. Risk sentiment was further pressured by persistently elevated US Treasury yields, which weighed on equities globally.
The weakness in Hong Kong contrasted with more encouraging signals from the mainland economy. China’s official manufacturing Purchasing Managers’ Index rose to 50.1 in September from 49.8 in August, moving back into expansion territory and indicating that factory activity is regaining momentum. Beijing’s newly announced targeted credit and mortgage-support measures, unveiled on Tuesday, were also in focus ahead of the Oct. 1–7 Golden Week holiday.
On the corporate front, notable decliners included Tencent (-0.8%), China Resources Land (-2.9%), and Akeso (-2.6%). In contrast, Z.AI Co. climbed 5.0%, while MiniMax advanced 3.5%.
