[ad_1]
The Hang Seng Index lost 0.2 per cent to 17,396.86 on Tuesday, after gaining as much as 0.8 per cent earlier. The Tech Index dropped 0.7 per cent, while the Shanghai Composite Index gained 0.3 per cent.
Tencent dropped 0.9 per cent to HK$307, Alibaba Group lost 2 per cent to HK$79 and rival e-commerce platform JD.com declined 1.2 per cent to HK$99.55. Food delivery platform Meituan lost 3.1 per cent to HK$108.10, and chip maker SMIC weakened 0.7 per cent to HK$22.05.
Limiting losses, electric vehicle maker BYD added 0.5 per cent to HK$243.40. HSBC climbed 1.1 per cent to HK$58.40, leading gains among local lenders. A US government report later today may show inflation cooled last month, underpinning bets on another Federal Reserve rate pause this year.
“Economic data showed more signs of renewed weakness,” Nomura analysts including Ting Lu said in a note to clients on Tuesday. “We maintain the view that growth stabilisation is not solid as the property and export sectors continue to contract.”
Valuation history signals China stock sell-off is ending, fund managers say
Valuation history signals China stock sell-off is ending, fund managers say
Meanwhile, fund managers including Cambridge Associates, Franklin Templeton and Abrdn remained bullish on cheap Chinese stocks. Some are banking on the Central Economic Work Conference in Beijing next month to produce some policy impetus to spark a rebound.
The Hang Seng Index has slumped since July as China’s wobbly recovery and rising geopolitical tensions continued to weigh on sentiment.
Asian stocks advanced ahead of the US inflation data. Japan’s Nikkei 225 added 0.3 per cent, while South Korea’s Kospi jumped 1.2 per cent and Australia’s S&P/ASX 200 climbed 0.3 per cent.
[ad_2]
Source link