Hong Kong stocks fell 247 points or 0.9% to 25,953 in Thursday morning trade, breaking a four-day winning streak as broad-based losses pulled the market back from its four-year high. The weakness came as traders took profits following Wednesday’s rally, which had been fueled by expectations of a U.S. rate cut as early as next week. Caution also prevailed ahead of U.S. CPI data due later today. In China, deflationary pressures lingered, with August consumer prices recording the sharpest drop since February and factory-gate prices contracting for a 35th straight month. Losses were partly offset by optimism that mainland markets will maintain a bullish momentum in near term, helped by attractive valuations and solid inflows. Alibaba eased 1.0% after planning to raise about USD 3.2 billion through a zero-coupon convertible bond. Pharma stocks were among the hardest hit, with Hansoh Pharma (-8.7%), Sino Biopharma (-6.7%), Wuxi Biologics (-6.7%), and Innovent Biologics (-4.4%) leading falls.