Hong Kong Stocks Back in Red Amid Weak Domestic Spending; Cloudbreak Pharma Slumps on Debut

MT Newswires Live

Jul 03

Hong Kong stocks were back in the red on Thursday amid reports of weak domestic spending and changing tourist habits in the region.

The Hang Seng Index fell 151.47 points, or 0.63%, to 24,069.94, while the Hang Seng China Enterprises Index was down 76.64 points, or 0.88%, to 8,648.44.

The volume of total retail sales in the first five months of 2025 fell 5.5%, data from Hong Kong's Census and Statistics Department released on Wednesday showed.

According to Reuters, consumers are spending less in Hong Kong and traveling to bordering Shenzhen in China where dining and shopping prices are lower.

A government spokesman said efforts to promote tourism and major events, alongside rising incomes and steady economic growth in Mainland China, will help support consumer sentiment and the broader retail market.

In corporate news, one company made its trading debut on the Hong Kong bourse today.

Cloudbreak Pharma (HKG:2592), a biotechnology company, closed at HK$6.19, down 39% from its IPO price of HK$10.10.

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