AI rebound fails to offset HK, mainland stock losses
Hong Kong and mainland stocks fell on Tuesday as a mild rebound in AI hardware shares failed to offset losses elsewhere, with mixed August data pointing to persistently weak domestic demand. The benchmark Hang Seng Index ended 250 points, or one percent, at 24,667 on turnover of HK$187.20 billion. The tech index dropped 26 points, or 0.6 percent, to 4,291 even as Tencent rose nearly two percent while the China enterprises index fell 79 points, or one percent, to 8,204. Shares of Guangdong Tianyu Semiconductor jumped more than seven percent on the company's share buyback plan. On the mainland, the benchmark Shanghai Composite Index ended down 21 points, or 0.54 percent, at 3,864. The Shenzhen Component Index closed 96 points, or 0.72 percent, lower at 13,287 while the ChiNext lost 37 points, or 1.15 percent, to close at 3,247. The losses came as industrial output picked up pace in August on the mainland, though sluggish consumption and a worsening investment slump reinforced concerns. Meanwhile, new home prices fell again in August, underscoring persistent weakness in the housing market. The CSI 300 Financial and Real Estate Index fell around one percent each, while consumer staple shares lost 0.6 percent. "Following weaker-than-expected credit demand, August activity data reinforced our view that...
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