HK stocks slip as mainland steadies on policy pledge
Mainland stocks ended higher on Monday, tracking gains in regional peers, while Beijing called for more efforts to stabilise the market. In Hong Kong, the benchmark Hang Seng Index inched down 32 points, or 0.1 percent, to end the day at 24,448 on turnover of HK$173.71 billion. The tech index dropped 37 points, or 0.9 percent, to 4,040 while the China enterprises index fell 13 points, or 0.2…
Hong Kong's stock market experienced a slight decline on Monday, trailing mainland stocks that rose following Beijing's pledge to stabilize the capital market. The Hang Seng Index, Hong Kong's benchmark, closed at 24,448, down 0.1 percent. The tech index dropped 0.9 percent, while the China Enterprises Index fell 0.2 percent. On the mainland, the Shanghai Composite Index increased by 0.32 percent, and the China A-share Index also saw a minor rise.
The Shenzhen Component Index and ChiNext Index both ended lower. Analysts attribute the mainland's market performance to the State Council's commitment to market stabilization measures. Despite China's producer inflation hitting a four-and-a-half year high, goods exports are expected to surge, providing some relief. However, sustained market growth hinges on corporate profits and better domestic demand.
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