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Market Downtrend: The HSI fell 161 points (0.6%) to 25,997, dropping below the 26,000 mark, with significant declines in consumer and gold jewelry stocks.

Consumer Stocks Performance: POP MART and MIXUE GROUP saw notable declines, with POP MART hitting a five-month low, while short selling activity was high for both companies.

Gold Jewelry Sector Impact: The cancellation of tax incentives for gold purchases in China led to a downturn in gold jewelry stocks, with several companies, including LAOPU GOLD and CHOW TAI FOOK, experiencing significant losses.

Gold Miners Struggles: International gold prices continued to decline, negatively affecting gold mining stocks like ZIJIN MINING, which was the worst performer among blue chips, alongside other mining companies facing substantial drops.

Market Performance: The HSI rose by 1% to close at 26,158, with total market turnover reaching $228.676 billion. The HSCEI and HSTECH also saw gains of 1% and 0.2%, respectively.

Financial Sector Highlights: HSBC and HKEX experienced slight increases of 0.2% and 1.2%, while AIA surged by 6%. Major Chinese banks also reported gains between 2% and 3.1%.

Impact of Gold Tax Policies: Gold jewelry retailers faced significant declines, with losses ranging from 6.1% to 8.7% following new tax policies in mainland China, affecting companies like LAOPU GOLD and CHOW TAI FOOK.

Resource and Energy Stocks: Oil stocks CNOOC and PETROCHINA rose over 3% after OPEC+'s production decision, while coal stocks also saw increases. In contrast, resource stocks like MMG and JIANGXI COPPER experienced declines.