FX.co ★ Hong Kong Shares Extend Losses, Eye Weekly Retreat

On Friday morning, Hong Kong stocks saw a decline of 240 points, equivalent to a 0.9% drop, settling at 26,240. This downturn extends the losses from the previous session, which followed a temporary halt in Wall Street's record-breaking rally due to mixed messages from Federal Reserve officials about possible interest rate reductions and concerns over high market valuations. Over the week, the market is poised to record its first decline in four weeks—a decrease of approximately 1%—driven by renewed apprehensions over U.S. tariffs. Notably, President Trump suggested a 100% tariff on branded, patented pharmaceutical products unless manufacturing facilities are established within the United States. Nonetheless, losses were partially alleviated by promising trade data for August, revealing a 14.5% year-over-year increase in Hong Kong's exports and an 11.5% rise in imports, contributing to a combined growth rate of 13% for sales and purchases over the first eight months of the year. Despite the positive trade figures, all sectors experienced a retreat, with consumer, technology, and financial sectors leading the decline. Significant losses were noted in stocks such as Innoscience Tech, which fell by 7.3%, Lenovo Group by 3.6%, Hang Seng Bank by 3.1%, and Want Want China by 2.8%.