Hong Kong Stocks Finish at 2-Week Low
Shares in Hong Kong fell 13 points or near 0.1% to end at 17,444 on Thursday, slipping for the fourth session to hit their lowest in two weeks due to declines from consumers and financials.
The Hang Seng Mainland Oil & Gas Index slumped 3.5%, pressured by growing concerns about weak oil demand in China. Oil stocks retreated, such as CNOOC (-0.6%) and Petro China (-3.1%). Traders were also restless ahead of Chinese trade data Saturday after exports in July rose less than expected while imports rebounded.
Capping the bearish impulse was a jump of around 2% in the property index as Chinese regulators reportedly proposed lowering rates on outstanding mortgages nationwide by a total of 80bps. Meanwhile, US futures were modestly higher, amid bets of a 50bps rate cut by the Fed later this month after new hints of a slowing labor market Wednesday, ahead of monthly job report Friday. Among big caps, Orient Overseas slipped (-6.5%), as did Miniso Group (-4.7%), and Xiaomi Corp. (-1.3%).
Source: Trading Economics
