Hong Kong Stocks Fall on Thursday, Amid Bond Selloff, Rate Fears; HUTCHMED Jumps 14%

MT Newswires Live16:53

Hong Kong stocks closed lower on Thursday as rising bond yields and oil prices increased concerns over U.S. interest rates and monetary policy.

The Hang Seng Index fell 97.90 points, or 0.4%, to close at 25,213.31, while the Hang Seng China Enterprises Index dropped 64.86 points, or 0.8%, to 8,385.24.

Global bond prices fell, with U.S. Treasury yields reaching their highest levels since 2023, while higher oil prices added to inflation concerns.

Investors also remained cautious amid renewed U.S.-Iran attacks and awaited Friday's U.S. payrolls report for clues on the Federal Reserve's next move. Markets have raised the odds of a 25-basis-point rate hike this month to about 62% from 37% a week ago, according to a Reuters report.

In corporate developments, HUTCHMED (China) (HKG:0013) jumped more than 14% after agreeing to grant a GSK subsidiary worldwide rights, excluding Mainland China, Hong Kong, Macau and Taiwan, to develop and commercialize its experimental cancer drug HMPL-A830 for up to $1.30 billion.

Separately, Impact Therapeutics (HKG:7630) rose 12% after CEO Sui Xiong Cai bought 100,000 shares for HK$1.6 million.

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