Hong Kong stocks fell for the third straight session as authorities tried to overcome the deflated economic situation in the country while facing concerns over a strong US labor market that will likely keep the Federal Reserve from making any more interest rate cuts this year.
The Hang Seng Index fell 0.86%, or 167.74 points, to close at 19,279.84 on Wednesday. The Hang Seng China Enterprises Index fell 0.84%, or 59.06 points, to end at 6,990.65.
Hong Kong's foreign currency reserves declined to $421.4 billion at the end of December 2024 from $425.1 billion as of the end of November, according to a Tuesday press release by the Hong Kong Monetary Authority.
In corporate news, Tencent (HKG:0700) closed nearly 3% lower on Wednesday, while Xiaomi (HKG:1810) finished nearly 4% lower. Meituan (HKG:3690), Alibaba Group (HKG:9988), and Semiconductor Manufacturing International (HKG:0981, SHA:688981) all closed in red on Wednesday.
In corporate news, BrainAurora Medical Technology (HKG:6681) raised HK$501.3 million in net proceeds from its initial public offering in Hong Kong. The cognitive impairment digital therapeutics software developer opened at HK$3.22 per share, the same as its listing price, and closed at HK$3.33 on Wednesday.
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