On October 1, HSBC Holdings PLC declined 3.03% overnight, trading at $96.3 per share, with turnover of $1.0211 million. The pullback came after the company completed its $1 billion share buyback program and the broader banking sector faced selling pressure.

HSBC disclosed on September 29 that its buyback program had concluded, with approximately 48.66 million shares repurchased across both the London and Hong Kong exchanges at a total cost of roughly $1 billion. The termination of systematic buyback activity may have removed a key source of price support. Within the Diversified Banks sector, peers also declined but to a lesser degree: JPMorgan Chase fell 0.5%, Citigroup dropped 0.67%, Bank of America lost 0.39%, and Wells Fargo slid 0.37%. Notably, Nu Holdings bucked the trend with a 4.5% gain.

Separately, Citi recently raised its HSBC target price to HK$172, maintaining a neutral rating, citing upwardly revised net interest income forecasts driven by higher terminal rate assumptions. HSBC's next earnings release is scheduled for October 27.

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