02.09.202503:13:42UTC+00Hong Kong Equities Trade Lower

In Tuesday morning trading, Hong Kong's stock market saw a decline of 86 points, or 0.3%, settling at 25,534. This drop reversed a portion of the more than 2% rally observed in the previous session, as investors opted to secure their recent gains. Concurrently, U.S. futures saw a slight dip following the closure of Wall Street on Monday for a holiday. Despite this, further downturns were tempered by unexpectedly strong August manufacturing PMI figures from a private Chinese survey, indicating a rebound in factory activity amidst a prolonged trade truce with the United States. Adding to the market dynamics, China's President Xi Jinping announced plans on Monday to fast-track the establishment of a development bank and initiate an international energy cooperation platform. This announcement came during a summit with Russia and India, underscoring Beijing's increasing challenge to U.S. dominance on the global stage. The stock market's overall performance was largely negative, with declines led by the technology, consumer, and property sectors. Notable stocks that experienced falls included China Unicom, which decreased by 4.7%, SMIC by 2.8%, Techtronic Industries by 2.4%, and Meituan by 1.7%.