Hong Kong Market Dips After Multi-Day Rise
Hong Kong equities slipped 172 points, or 0.6%, to 27,098 in Thursday morning trade, snapping a three-session winning streak as most sectors turned lower.
Sentiment weakened after Wall Street’s subdued overnight performance, with stronger-than-expected U.S. jobs data fueling concerns the Fed may struggle to sustain rate cuts this year. Trading momentum also eased in the city as mainland markets approached the Spring Festival break starting February 15. Still, losses were capped by hopes that Beijing would roll out fresh stimulus, following a sharp slowdown in Chinese consumer inflation and prolonged producer price deflation. Meanwhile, the PBoC earlier this week pledged to lower banks’ liability costs, keep financing costs low, and guard against systemic risks.
The central bank also reiterated that it will step up financial support to expand domestic demand. Among notable laggards were Budweiser Brewing (-4.6%), Meituan (-1.9%), Laopu Gold (-1.5%), and Smoore International (-1.4%).
Source : Newsmaker.id
