The Hang Seng Index fell 0.9 per cent to 25,104.85 as of 11.04am local time, adding to a 1.1 per cent loss over the past two days. The Hang Seng Tech Index dropped 1.2 per cent.
Benchmark gauges on the mainland entered a third day of losses. The CSI 300 Index slumped 2 per cent, heading for the steepest decline since a 7.1 per cent plunge on April 7 when the US imposed tariffs on global trading partners. The Shanghai Composite Index retreated 1.6 per cent, and a gauge of the Shanghai exchange’s tech-heavy Star Market tumbled 4.7 per cent.
Alibaba Group Holding sank 3.4 per cent to HK$129.60, and Tencent Holdings shed 0.7 per cent to HK$594.50. Chipmaker Semiconductor Manufacturing International retreated 5.8 per cent to HK$56.55. Car dealer Zhongsheng Group Holdings slid 6.1 per cent to HK$16.24, and oil refiner China Petroleum and Chemical Corp shed 3.7 per cent to HK$4.14.
“Sentiment on the [mainland] A-share market will provide a drag on Hong Kong stocks at least in the near term,” said Zhang Yidong, an analyst at Industrial Securities. “The regulatory guard against a fast bull market and profit-taking pressure after the rapid gains will lead to a consolidation and gyration on A shares in September.”
