Hang Seng Down 2.8% at Close
The Hang Seng plunged 580 points, or 2.8%, to close at 19,847 on Tuesday, extending losses from the previous session and hitting a six-week low after China’s October credit data fell to a 15-year low. Traders were also nervous that Donald Trump is set to pick two people with a track record of criticizing China for key positions in his new administration. The losses were broad-based, amid a significant drop in U.S. futures, due to concerns about Trump’s tariffs and budget deficit.
Limiting the decline was news from Bloomberg that China is seeking to cut taxes on home purchases. Meanwhile, some traders are anticipating a positive outcome from China’s central government work conference and Politburo meeting next month after last week’s legislative session failed to boost domestic demand and ease deflation risks. Large-cap stocks such as China Hongqiao Group (-9.1%), Semicon Manufacturing (-8.1%), Miniso Group (-7.6%), Meituan (-5.5%) and Zhongjin Mining Inds. were among the biggest decliners. (-5.0%).
Source: Trading Economics
