[ad_1]
Hong Kong stocks slip to 4-week low before Fed, HKMA decisions while BlackRock loses buy conviction on China
The Hang Seng Index fell 0.4 per cent to 17,922.74.83 at 10.32am local time, the lowest level since August 22. The Tech Index declined 1.1 per cent while the Shanghai Composite Index dropped 0.3 per cent.
Tencent weakened 1 per cent to HK$309.40, NetEase slipped 2.1 per cent to HK$156.80, and Meituan lost 0.9 per cent to HK$120.60. Property developer Longfor Group tumbled 2.6 per cent to HK$15.10 while peer China Resources Land declined 1.7 per cent to HK$31.85.
Limiting declines, oil-related stocks advanced on crude price outlook after a recent surge towards US$100 a barrel. PetroChina climbed 1 per cent to HK$5.80 while ENN Energy added 2.4 per cent to HK$63.80.
BlackRock loses confidence in Chinese stocks as property slump stokes losses
BlackRock loses confidence in Chinese stocks as property slump stokes losses
Beijing’s slow-drip approach to stimulus injection has failed to arrest a slide in stock prices and risk appetite, since the early boost from China’s post-Covid reopening fizzled out. Some US$68 billion of capital outflows in July and August have driven the yuan to its weakest level in 16 years.
Sentiment remains cautious before the Fed delivers its rate decision later today, with Fed fund futures almost fully pricing in a pause in its target rate at 5.25 per cent to 5.50 per cent range, according to data compiled by CME Group. The Hong Kong Monetary Authority is expected to follow in lockstep.
Other major Asian markets traded lower. South Korea’s Kospi fell 0.1 per cent and Australia’s S&P/ASX 200 dropped 0.3 per cent, while the Nikkei 225 Index in Japan weakened 0.2 per cent.
[ad_2]
Source link