Shares in Hong Kong Under Pressure at Finish
The Hang Seng tumbled 271 points or 1.3% to close at 20,490 on Thursday, reversing gains from the prior two sessions as rising US Treasury yields fueled market concerns, ahead of the US election. The tech index tumbled 2.5%, with fears mounting that the tech conflict between Beijing and Washington could escalate regardless of the US election outcome.
Semiconductor Manufacturing dipped 2.0% following reports that chips made by a Taiwanese peer for a specific customer ended up with Huawei Technologies, potentially violating US sanctions. Property and consumers also fell sharply, on skepticism that China’s recent stimulus package may not be sufficient to spark a recovery. Additionally, the outlook for significant fiscal stimulus in China remains uncertain. Limiting further losses was an indication that the Chinese central bank would expand its new swap facility to aid stock market liquidity. Other major drags included KE Holdings (-4.6%), Meituan (-4.2%), and Kuaishou Technology (-4.0%).
Source: Trading Economics
