By South China Morning Post | Created at 2024-11-11 03:01:32 | Updated at 2024-11-18 04:33:31
1 week ago
Stocks in Hong Kong fell as Beijing’s lacklustre policy announcement on Friday disappointed investors amid rising concerns about tariffs following the US election.
The Hang Seng Index slid 2.2 per cent to 20,268.22 at 9.55am Monday, while the Tech Index dropped 1.9 per cent. The CSI 300 Index dropped 0.5 per cent, and the Shanghai Composite Index slid 0.4 per cent.
Property and tech stocks led an overall decline in Hong Kong. Longfor Group plunged 4.2 per cent to HK$13.14, New World Development fell 1.4 per cent to HK$7.85 and Sun Hung Kai Properties fell 1.4 per cent to HK$79.05.
Alibaba Group dropped 3.3 per cent to HK$90.90, while Baidu fell 3.5 per cent to HK$85.85 and JD.com fell 4 per cent to HK$149.10.
On Friday, the standing committee of China’s top legislature approved an additional 6 trillion yuan (US$838 billion) bond quota to defuse hidden local debts. The policy announcement has been seen as insufficient to inject life into the nation’s sluggish economy.
“Markets may have been disappointed, as only debt swap programmes were announced,” Ting Lu, the chief China economist at Nomura, said in a note on Monday, adding that failing to mention any upcoming fiscal stimulus could deal a blow to markets.
