The Economic Information Daily, 25th: Despite positive atmosphere from the Xi-Biden meeting, global risk appetite further declined. The yield on US 30-year Treasury bonds hit a new high over twenty years, while overnight the US Treasury's buyback of long-term bonds fell short of the $6 billion cap and was below market expectations. A-shares were closed today for the Mid-Autumn Festival holiday. Northbound flows had provided crucial support to Hong Kong stocks with 14 consecutive days of net inflows, but with northbound funds halted today, market support weakened sharply. The Hang Seng Index's decline widened rapidly to over 400 points early in the session. Of the 95 blue-chip stocks, only two biotech stocks rebounded while the rest fell across the board.

Major tech and financial stocks all declined: Alibaba (09988) fell 3.1%, closing at HK$106.6; Tencent (00700) dropped 1%, closing at HK$434; Xiaomi (01810) fell 3.3%, closing at HK$25.7; HSBC (00005) declined 0.4%, closing at HK$156.3; AIA (01299) fell 2.3%, closing at HK$74.05; HKEX (00388) dropped 1.5%, closing at HK$387.4.

Bioscience stocks showed slight rebound momentum, outperforming the broader market: WuXi AppTec (02359) rose 1.1%, closing at HK$207.2; WuXi Biologics (02269) gained 1%, closing at HK$52.4; BeiGene (06160) fell 0.3%, closing at HK$214.6; Hansoh Pharmaceutical (03692) declined 0.5%, closing at HK$33.68.

Currently, the Hang Seng Index stands at 24,346, down 414 points or 1.7%. Board turnover exceeds HK$16.3 billion. The Hang Seng China Enterprises Index is at 8,117, down 148 points or 1.8%. The Hang Seng Tech Index is at 4,255, down 105 points or 2.4%.

 (hc)