Hong Kong Shares Recover from Two-Day Selloff
Equities in Hong Kong rose 104 points, or 0.4%, to 25,341 in early trade on Wednesday, rebounding from steep losses in the previous two sessions. Bargain hunting emerged after markets slid to a near four-week low the day before, lifting most sectors, particularly consumer and tech names. Meanwhile, mainland markets stabilized after closing sharply lower Tuesday, weighed earlier by renewed concerns over a prolonged property sector downturn and weak activity data in November.
On the corporate front, China Vanke will hold a second meeting with bondholders starting Thursday, with voting scheduled on December 22, after its first attempt to extend debt repayment was rejected. However, gains in Hong Kong were capped as the city's jobless rate remained near a three-year high of 3.8% in the three months to November. Meanwhile, U.S. futures edged lower due to labor market softness. Nongfu Spring jumped 1.7%, followed by CK Infrastructure (1.5%), Trip.com (1.2%), and China Resources Land (0.9%). (asd)
Source: Trading Economics
