HSI up, mainland stocks fall amid interest rate fears
Mainland stocks fell on Monday with investors unsettled by higher global interest rates and trade tensions. In Hong Kong, the benchmark Hang Seng Index rose 59 points, or 0.2 percent, to 24,271 on turnover of HK$162.63 billion. The tech index dropped 28 points, or 0.7 percent, to 4,169 while the China enterprises index gained 20 points, or 0.3 percent, to 8,168. Banks and insurance stocks rose…
Mainland stocks declined on Monday as global interest rates rose and trade tensions mounted. Hong Kong's Hang Seng Index gained 59 points, or 0.2 percent, to 24,271, while the tech index fell 28 points, or 0.7 percent, to 4,169. The China enterprises index rose 20 points, or 0.3 percent, to 8,168. Banks and insurance stocks surged, but chipmakers and AI stocks dropped.
The Shanghai Composite Index fell 16 points, or 0.43 percent, to 3,797, with the Shenzhen Component Index down 256 points, or 2.03 percent, to 12,384. The ChiNext Index decreased 79 points, or 2.61 percent, to 2,963. Concerns about higher global yields and a potential euro zone debt crisis further dampened risk appetite. The US government is investigating technology firms like Luxshare Precision Industry and Foxconn Industrial Internet.
Despite a seminar by the main securities regulator, market reaction remained subdued. Investors also ignored proposed rules to lower the threshold for equity mutual funds. Global energy prices remained high due to the Middle East conflict, fueling inflation worries. The Nikkei in Japan was closed for a holiday.
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.
