Hang Seng falls 14% from 2026 high as casino, tech stocks slide

The Hang Seng Index fell to 23,963 on Thursday, its lowest level since July 8, and is down over 14% from its 2026 high, contrasting sharply with the S&P 500's record performance. Major constituent stocks are driving the decline. Sands China dropped 20% in 30 days, mirroring Macao casino peers, while Laopu Gold fell 18% amid rising US Treasury yields. Haidilao International plunged 18% on higher food and energy costs, and SMIC declined 15% monthly and 31% quarterly despite the AI boom. Other laggards include BYD, Li Auto, Meituan, and Xiaomi, facing sector-specific pressures. Conversely, Wuxi Biologics rose 15%, with China Overseas Land, China Resources Power, and Lenovo gaining over 5%. Technical analysis shows the index below key moving averages, with the next target at 23,000.