HK up as policy moves fail to lift mainland markets
The mainland's latest effort to steady its sliding stock market struggled for traction on Tuesday, with shares pinned near one-year lows and investors saying a familiar playbook of encouraging money into the market was falling short this time. In Hong Kong, the benchmark Hang Seng Index ended up 132 points, or 0.6 percent, at 23,525 on turnover of HK$236.4 billion. The tech index rose 28 points,…
Hong Kong's main stock market index rose on Tuesday, as mainland markets struggled to recover from a slide. The benchmark Hang Seng Index ended the day up 132 points, or 0.6 percent, at 23,525. Tech and China enterprises indices also gained slightly. Meanwhile, China's Shanghai Composite Index fell 29 points, or 0.82 percent, and the Shenzhen Component Index dropped 133 points, or 1.21 percent.
The blue-chip CSI300 index was down 13 percent since January. Investors attributed the mainland market's weakness to a lack of effectiveness in Beijing's policies aimed at supporting the market. In Hong Kong, turnover in the Hang Seng Index was HK$236.4 billion. Up north, the Shanghai Composite Index closed at 3,608 on 810.83 billion yuan in turnover.
The Shenzhen Component Index fell 1.21 percent on 892.6 billion yuan turnover. The ChiNext Index declined 2.73 percent on 446.45 billion yuan turnover.
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