The Hang Seng Index tumbled 3.2%, or about 750 points, to around 22,900 on Thursday, putting Hong Kong stocks on course for their steepest daily decline in seven months as technology counters led a broad-based sell-off. Tencent slipped 3.4%, while Alibaba slumped 6%, underscoring persistent pressure on heavyweight internet names.
Sentiment was further undermined by weakness in mainland Chinese equities and escalating geopolitical tensions in the Gulf, which drove Brent crude above US$110 a barrel and intensified concerns over inflation and global risk appetite. At the same time, stronger-than-expected third-quarter growth in China dampened hopes for additional near-term policy easing, despite ongoing softness in domestic consumption.
Investors are now looking ahead to Hong Kong’s September inflation and unemployment data, due later Thursday, for further signals on the local economy’s momentum. Other notable laggards included Lenovo (-11.9%), Xiaomi (-3.9%), Wuxi Biologics (-8.7%), and SMIC (-6.2%).
