HK stocks slip as US rate fears loom large over region
Hong Kong and mainland stocks ended lower on Thursday as escalating Middle East tensions rekindled concerns over higher oil prices and inflationary pressures. The benchmark Hang Seng Index dropped 320 points, or 1.3 percent, to 24,954 on turnover of HK$198.87 billion. The tech index dropped 90 points, or two percent, to 4,330 while the China enterprises index fell 94 points, or 1.1 percent, to…
Hong Kong and mainland stocks fell on Thursday amid heightened Middle East tensions and fears of higher oil prices and inflation. The Hang Seng Index fell 320 points, or 1.3%, to 24,954. The tech and China enterprises indices also declined, 2% to 4,330 and 1.1% to 8,274, respectively. In Shanghai, the Composite Index dropped 17 points, or 0.43%, at 3,934.
The Shenzhen Component Index closed 105 points, or 0.77%, lower at 13,617. The ChiNext Index fell 16 points, or 0.49%, to 3,338. Oil prices stayed above $100 a barrel due to persistent attacks on shipping in the Iran war. Traders and analysts are awaiting US inflation data for clues on the Federal Reserve's policy outlook. The yield gap between US and Chinese Treasuries widened to a record high, reflecting concerns about oil-induced inflation.
US companies in China remain optimistic despite a record low confidence survey. In Tokyo, the Nikkei share average rebounded to 65,270 after a day of losses. The Topix in Tokyo also climbed to 4,054. Seoul's Kospi closed down 16 points, or 0.24%, at 7,034.
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.
