Hong Kong Stocks Fall After 2 Days as China Refrains From Cutting Key Lending Rates
Hong Kong stocks fell, snapping a two-day gain, after China left benchmark lending rates unchanged.
The Hang Seng Index fell 0.2 per cent to 19,624.84 as of 10.05am local time. The Hang Seng Tech Index slipped 0.1 per cent. The CSI 300 Index eased 0.2 per cent and the Shanghai Composite Index added 0.1 per cent.
Geely Automobile dropped 3.4 per cent to HK$13.16 and smartphone maker Xiaomi lost 1.6 per cent to HK$27.85. Alibaba Group Holding slipped 1.1 per cent to HK$84.30 and Hong Kong Exchanges and Clearing lost 1 per cent to HK$297.60.
The one-year loan prime rate (LPR) for November was kept unchanged at 3.10 per cent, as well as and the five-year rate at 3.6 per cent, according to the People’s Bank of China. The LPR is seen as the de facto benchmark borrowing cost in China and is released on a monthly basis.
Hunan Xiangtou Goldsky Titanium Industry Technology, which makes metal products, jumped 306 per cent to 29.07 yuan on the first day of trading.
Other major Asian markets were mixed. Japan’s Nikkei 225 slipped 0.2 per cent and Australia’s S&P/ASX 200 lost 0.4 per cent, while South Korea’s Kospi rose 0.4 per cent.
Source: SMCP
