[ad_1]
The Hang Seng Index declined 0.1 per cent to 16,173.77 at 10.40am local time, adding to the 5 per cent loss in the preceding six days. A seven-day slide would be the longest streak since mid-August. The Tech Index added 0.1 per cent while the Shanghai Composite Index was little changed.
Trip.com slid 0.7 per cent to HK$294.40 and HSBC declined 0.4 per cent to HK$63.20, while EV maker BYD lost 0.5 per cent to HK$206.60. Casino operator Sands China dropped 1.1 per cent to HK$22.35, Tencent fell 0.1 per cent to HK$283.20 and Alibaba Group weakened 0.1 per cent to HK$69.65.
“Stock performance appears to be increasingly detached from economic reality and earnings fundamentals,” Yan Wang, chief China strategist at Alpine Macro, said in a report on Tuesday. “The poor equity market reflects investors’ extremely weak confidence and Beijing’s badly damaged policy credibility, both of which are not easy to fix.”
Citigroup, HSBC trim Hang Seng Index targets on earnings, China policy doubts
Citigroup, HSBC trim Hang Seng Index targets on earnings, China policy doubts
The Hang Seng Index has lost 5.1 per cent so far this year, the worst start to a year in about two decades, China’s economic weakness persisted and Beijing’s policy response underwhelmed. Citigroup and HSBC trimmed their upside forecasts for the Hang Seng Index amid questions over corporate earnings.
Elsewhere, Shanghai Bloom Technology surged 22 per cent to 88.22 yuan on the first day of trading in Shanghai.
Other key Asian markets were mixed. South Korea’s Kospi fell 0.7 per cent and Australia’s S&P/ASX 200 weakened 0.5 per cent, while Japan’s Nikkei 225 advanced 1.8 per cent.
[ad_2]
Source link