Hong Kong Stocks Break Two-Day Winning Streak
Shares in Hong Kong lost 159 points or 0.8% to 20,605 in Thursday morning session after gaining in the previous two sessions, weighed by steep declines in most sectors. The Hang Seng tech index slipped around 1% after Taiwan Semicon Manufacturing halted shipments to a client after discovering that chips made for that client ended up with Huawei Tech Co., potentially violating US sanctions. Property and consumers also moved lower, with traders keeping an eye on the upcoming US election, the outlook for the Fed's interest rate path, and ongoing tensions in the Middle East. Tempering the losses was speculation about a potential CNY 2 trillion market stabilization fund in China, as suggested by a government-affiliated think tank. Index heavyweights dipped, with Tencent Hlds. and Meituan sinking around 1.4%, respectively. Other sharp losses were observed for KE Hlds. (-4.2%), Chow Tai Fook Jewelery (-3.6%), China Resources Land (-3.0%), and Geely Auto (-2.6%).
Source: Trading Economics