HK stocks slip to join regional retreat
Hong Kong stocks and the mainland's blue-chip shares weakened on Tuesday, joining a broader retreat in the region, after Beijing kept key lending rates unchanged and stronger GDP data dampened expectations for additional stimulus. In Hong Kong, the benchmark Hang Seng Index fell 319 points, or 1.3 percent, to 23,867 on turnover of HK$190.45 billion. The tech index lost 62 points, or 1.5 percent,…
Hong Kong and mainland Chinese stocks followed a regional trend downward on Tuesday. The primary driver was the decision by Beijing to keep interest rates steady, which contrasted with encouraging GDP figures that had earlier suggested more stimulus might be forthcoming. In Hong Kong, the Hang Seng Index fell 319 points, or 1.3%, to 23,867.
The tech-focused index and China Enterprises Index also dipped by 1.5% and 1.2%, respectively. Across the border, China's CSI300 Index slipped 0.5%, while the Shanghai Composite Index saw a slight rise of 0.12%. The Shenzhen Component Index closed down 0.14%, and the ChiNext Index fell 0.26%. Within the financial sector, losses were more pronounced, with the CSI Banks Index down 0.9% and the broader financial index down 1.2%.
The gold-related sector also took a hit, losing 1.8% as gold prices continued their decline. This retreat was further compounded by geopolitical concerns and data from key AI companies. Elsewhere in Asia, Tokyo's Nikkei fell 1.3% and the Topix index dropped 1.43%. In Seoul, the Kospi index suffered its steepest decline since April, falling 3.73%.
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.
