Hong Kong stocks extend losses as Wall Street caution weighs on sentiment

The Hang Seng Index lost 0.5 per cent to 25,382.56 as of 10.05am local time, extending Tuesday’s 1.3 per cent loss. The Hang Seng Tech Index dropped 0.1 per cent. On the mainland, the CSI 300 Index fell 0.7 per cent and the Shanghai Composite Index slipped 0.5 per cent.

Pharmaceutical firm WuXi AppTec declined 1.9 per cent to HK$102.50, while online-game provider NetEase retreated 1.8 per cent to HK$208.80, and short-video platform Kuaishou Technology shed 1.6 per cent to HK$56.65.

Chinese chipmaker Semiconductor Manufacturing International Corporation (SMIC) tumbled 1.6 per cent to HK$67.75, extending its losing streak, after US President Donald Trump allowed its US counterpart Nvidia to sell advanced artificial intelligence chips to China. SMIC’s shares have surged 112 per cent this year, fuelled by China’s push for technology self-sufficiency and stronger backing for domestic chipmakers amid escalating geopolitical tensions.

Limiting losses, food-delivery service provider Meituan jumped 0.7 per cent to HK$97.95, while search-engine firm Baidu rose 0.1 per cent to HK$121.50, and insurance company Ping An Insurance Group added 0.4 per cent to HK$51.

Overnight, US stocks ended slightly lower, with the S&P 500 inching down, as traders held back ahead of the Federal Reserve’s rate decision and comments from chair Jerome Powell due later on Wednesday.