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The Hang Seng Index fell 1.1 per cent to 17,999.41 at 2.48pm local time to near a three-week low. The Tech Index declined 1.5 per cent while the Shanghai Composite Index advanced 0.2 per cent.
Alibaba Group weakened 1.4 per cent to HK$85.05, e-commerce rival JD.com dropped 2.1 per cent to HK$122, while food delivery platform operator Meituan slipped 1.1 per cent to HK$122.90. Tencent declined 0.9 per cent to HK$314.40.
The Hang Seng Index has retreated 1.1 per cent so far this month as investors ignored recovery signs and rued Beijing’s go-slow approach to revitalise the economy. The Chinese yuan has suffered as foreign funds sold US$2.1 billion of Chinese stocks last week, taking the six-week outflows to a record US$15 billion, Goldman Sachs said.
Foreign-exchange outflows from China amounted to US$42 billion in August versus US$26 billion in July, it added, the highest since 2016.
China’s desperate stock investors await a stimulus ‘bazooka’
China’s desperate stock investors await a stimulus ‘bazooka’
“The People’s Bank of China still has more to do regarding incentivising the consumer sector and shoring up the troubled property sector,” said Tim Waterer, chief market analyst at KCM Trade.
Shenzhen Fuheng New Material jumped 10 per cent to 6.28 yuan on its first day of trading in Beijing, the only market debutant on Monday.
Other major Asian markets weakened. South Korea’s Kospi lost 1 per cent and Australia’s S&P/ASX 200 dropped 0.7 per cent. Japanese markets are closed for a holiday.
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