23.09.202602:06:03UTC+00Hong Kong Stocks Retreat

The Hang Seng Index slipped 0.9% (215 points) to 24,873 on Wednesday, erasing the modest gains from the previous session as investors locked in profits in technology shares and stayed cautious ahead of the anticipated meeting between Chinese President Xi Jinping and U.S. President Donald Trump. The pullback came after three straight sessions of advances, during which technology stocks had driven much of the rebound.

Market participants are closely monitoring the talks for clues on the outlook for trade, semiconductors, artificial intelligence, and supply chains, with AI increasingly viewed as a central front in the strategic rivalry between the world’s two largest economies. At the same time, Brent crude dipped below $100 a barrel, providing some respite from recent inflation worries.

Sector-wise, financials, technology services, and retail trade shares led the decline. Notable laggards included Tencent (-1.1%), AIA (-1.3%), Xiaomi (-1.0%), and Shanghai Iluvatar CoreX (-5.2%). Alibaba also remained in the spotlight following the disclosure of voting results from its September 23 AGM.