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The Hang Seng Index fell 1.2 per cent to 25,037.73 at the noon break, adding to a 1.1 per cent loss over the past two days. The Hang Seng Tech Index dropped 1.7 per cent.
Benchmark gauges on the mainland entered a third day of losses. The CSI 300 Index slumped 2.5 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 2 per cent, and a gauge of the Shanghai exchange’s tech-heavy Star Market tumbled more than 5 per cent.
Alibaba Group Holding sank 3.7 per cent to HK$129.10, and Tencent Holdings shed 0.8 per cent to HK$593.50. Chipmaker Semiconductor Manufacturing International retreated 6.2 per cent to HK$56.30. Car dealer Zhongsheng Group Holdings slid 7 per cent to HK$16.08, and oil refiner China Petroleum and Chemical Corp shed 4.2 per cent to HK$4.11.
“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.”
