Hang Seng Under Pressure Ahead of US Election Results
Shares in Hong Kong slipped 237 points or 1.1% to 20,762 in early deals on Wednesday following a rally in the prior session, dragged by widespread losses in all sectors. The Hang Seng retreated from an over 2-week peak, hit the day before, as traders closely monitored the US presidential election outcome.
It appears uncertain when either Harris or Trump would cross the 270 electoral votes needed to become the next leader, due to slight divergence in voting and counting rules across states, economists said. Caution also grew as China's legislative session is set to conclude on Friday, with October's CPI and PPI data due over the weekend.
Mitigating further losses were comments from Chinese Premier Li Qiang, who stated that Beijing has ample room for additional policies to achieve its 2024 GDP growth target of around 5%. Dragging down the index were steep losses from Techtronic Industries (-3.8%), Sands China (-3.3%), Lenovo Group (-2.5%), and Meituan (-1.9%).
Source : Trading Economics
