Hang Seng Index falls 14% from yearly high as major Hong Kong stocks slide

The Hang Seng Index fell to 23,963 on Thursday, its lowest level since July 8, dropping over 14% from its yearly high while the S&P 500 hit record levels. Major Hong Kong stocks are driving the decline. Sands China fell 20% in 30 days alongside Macau-exposed casino peers, while Laopu Gold dropped 18% as gold prices declined amid rising US Treasury yields. Haidilao International, SMIC, BYD, Li Auto, Meituan, and Xiaomi also posted significant losses during the period. The index remains below its 50- and 100-day exponential moving averages, with the Average Directional Index at 20.75, its highest since August 12. Analysts identify 23,000 as the next key support level. Some stocks like Wuxi Biologics rose 15%, while China Overseas Land and Lenovo gained over 5%.