Hong Kong stocks ended the week lower, with the Hang Seng Index (HSI) falling 240.69 points or 0.97% to 24,510.09 for the week ended Sept 25, extending its decline for a third consecutive week as technology stocks came under pressure ahead of the Trump-Xi summit.
The market was closed on Monday, when the Hong Kong Exchanges and Clearing (HKEX) released proposals to ease listing rules for major transactions and spin-offs. The changes are aimed at giving listed companies greater flexibility and improving Hong Kong’s competitiveness as a listing venue.
The HSI edged 0.34% higher on Tuesday to 24,834.12, with turnover reaching HK$249.2 billion as investors tracked gains in Shanghai and selectively bought property and other mainland-linked counters.
Sentiment weakened sharply on Wednesday, however, with the index falling 1.01% or 254 points. Technology stocks led the decline as investors took profits and remained cautious ahead of the meeting between US President Donald Trump and Chinese President Xi Jinping.
Alibaba fell 4.2%, while Tencent declined 2.4% and Xiaomi dropped 3.8%. MiniMax fell 4%, while Z.AI Co plunged 12.4%.
The HSI slipped another 0.29% on Thursday to 24,761.13 as investors remained defensive ahead of the US-China talks. Finance, technology services and retail stocks continued to face selling pressure, while selected defensive and mainland-linked counters provided some support.
The decline accelerated on Friday, with the HSI falling 1.01% or 251.04 points to 24,510.09, its lowest close of the week. The Hang Seng China Enterprises Index and Hang Seng Tech Index also declined as investors reduced exposure to riskier assets ahead of the summit.
The week’s losses were concentrated in the technology sector, with concerns over AI-related stocks and profit-taking adding to broader uncertainty surrounding US-China relations.
Meanwhile, the HKEX listing-rule proposals provided a longer-term development for the market. The consultation, which runs until Nov 30, would include raising the shareholder approval threshold for major transactions from 25% to 50%, among other measures.
The HSI remains up about 1.5% year to date on a total-return basis despite the latest weekly decline.
