HK stocks slip as lack of catalysts weigh on region
Mainland stocks were largely unchanged on Tuesday, as gains in defensive sectors helped offset weakness in technology shares, with investors seeking safety amid a lack of catalysts. In Hong Kong, the benchmark Hang Seng Index fell 237 points, or 0.9 percent, to 25,329 on turnover of HK$238.74 billion. The tech index was 68 points, or 1.5 percent, lower at 4,550 while the China enterprises index…
Asian stock markets slipped on Tuesday as the lack of catalysts weighed on trading activity. Mainland Chinese stocks remained largely unchanged, while Hong Kong's Hang Seng Index fell 0.9 percent to 25,329. The tech-heavy index in Hong Kong shed 1.5 percent, and China enterprises index decreased 0.6 percent. Online fast-fashion retailer Shein's shares dropped on its debut, having lost up to 10 percent before recovering.
The Shanghai Composite Index closed down six points at 3,979, and the Shenzhen Component Index fell 1.02 percent to 13,872. Tech shares contributed to the market's decline. Defensive sectors, however, managed to boost the broader market. The Hong Kong market is expected to remain cautious, with trading likely to stay within a narrower range.
Analysts anticipate that markets will await confirmation on the schedule for China-US leader meetings, as well as Fed Chair Kevin Warsh's hawkish turn, which has impacted investor sentiment on interest rates. Globally, stock markets faced pressure as bond yields hit new highs due to selling, and Middle East tensions lifted oil prices above $90 a barrel.
In Tokyo, the Nikkei share average closed 0.15 percent lower, while the Topix in Japan rose 0.6 percent. Seoul's Kospi index edged up 0.23 percent as export growth remained strong, driven by demand for artificial intelligence in the semiconductor sector.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
