Hong Kong Stocks Retreat as AI Valuation Concerns Persist; Tong Ren Tang Healthcare Falls on Debut

MT Newswires Live07-07 16:33

Hong Kong stocks closed lower Tuesday as renewed concerns over stretched AI valuations weighed on sentiment.

The Hang Seng Index fell 0.5%, or 119.43 points, to close at 23,496.89, while the Hang Seng China Enterprises Index shed 0.5%, or 42.09 points, to finish at 7,770.26.

The recent rally in AI-related shares has likely been driven by concerns over the economic and inflation outlook, Reuters reported, citing Toru Suehiro, chief economist at Daiwa Securities.

Suehiro said worsening tensions involving Iran had prompted investors to seek refuge in the sector, helping fuel the recent surge despite growing concerns over stretched valuations.

Meanwhile, markets will turn their attention to Wednesday's Federal Open Market Committee minutes, the first under U.S. Fed Chair Kevin Warsh, for clues on the central bank's policy direction.

In corporate news, Beijing Tong Ren Tang Healthcare (HKG:2667) made its Hong Kong debut, closing over 39% lower at HK$3.35, compared with its offer price of HK$5.50.

Knowledge Atlas Technology (HKG:2513), also known as Zhipu AI, advanced over 5% after dismissing media reports that it had withdrawn its tutoring filing for a proposed A-share initial public offering.

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