FX.co ★ Hang Seng Pares Losses at Finish

The Hang Seng Index declined by 128 points, or 0.5%, concluding at 26,829 on Wednesday, marking its third consecutive session in the red attributed to widespread sector weaknesses. The technology sector experienced a 0.6% downturn, influenced by Wall Street's losses following Oracle's drop due to margin concerns. Major company Alibaba fell by 1.6%, while Baidu decreased by 3.2%, Meituan by 2.3%, and SMIC by 1.8%, amid reports of U.S. lawmakers advocating for enhanced restrictions on chipmaking tool exports to China. The financial and consumer sectors also faced declines, driven by uncertainties surrounding China's slowing economic recovery, compounded by unfavorable weather conditions. However, gold mining companies saw an uptick as bullion prices reached record highs, with Shandong Gold Mining surging 7.5% and Zhaojin Mining rising 3.7%. Losses were lessened after the World Bank raised its 2025 growth forecast for China to 4.8% from a previous 4.0%, renewing optimism for additional stimulus to achieve Beijing's 5% growth target. Additionally, mainland markets are anticipated to reopen on Thursday, potentially providing a boost to market sentiment.