Hong Kong Stocks Retreat on Profit Booking; Dongfeng Motor Gains on Voyah Listing

Published on 10/03/2025 at 04:43 am EDT
(MT Newswires) -- Hong Kong stocks slipped on Friday as investors booked profits in recently outperformed sectors, halting the market's latest rally.
The Hang Seng Index lost 146.20 points, or 0.5%, to close at 27,140.92, while the Hang Seng China Enterprises Index dropped 66.04 points, or 0.7%, to 9,658.34.
Key sectors saw a pullback as the intensifying U.S.-China rivalry in artificial intelligence added to broader geopolitical strains.
Adding to the spotlight on the intensifying AI race, OpenAI completed a deal allowing employees to sell shares at a $500 billion valuation, according to media reports.
Meanwhile, markets are increasingly confident the U.S. Federal Reserve will stay on its rate-cutting path, with a 25-basis-point reduction in October now almost fully priced in. Traders expect about 114 basis points of easing by the end of 2026.
In corporate news, Dongfeng Motor Group closed about 5% higher after its EV unit Voyah filed for a Hong Kong listing by introduction, part of a broader restructuring plan that includes privatization and share distribution.
Meanwhile, Yunfeng Financial advanced over 6% after taking a minority stake in Anthea to develop crypto-linked insurance products and digitized underwriting and claims processes.

Sumber : MT Newswires