Hang Seng Turns Early Gains to Finish Lower
The Hang Seng lost 156 points or 0.8% to end at 20,155 on Wednesday, shifting from gains in the morning session after the Asian Development Bank lowered its GDP growth forecasts for Hong Kong this year and the next, citing a slowdown in private consumption, fixed investment, and exports.
The city's GDP growth for 2024 was cut to 2.5% from an earlier estimate of 2.8%, while growth is expected to slow to 2.3% from 3.0% in 2025. Cautious traders braced for the result of a key policy meeting in China after a pledge from the Politburo to support the economy on Monday lacked detailed measures.
On Wall Street, shares closed lower Tuesday, with US-listed shares of Chinese firms down over 4% after China opened a probe into potential antimonopoly law violations by chipmaker Nvidia Corp. All sectors finished in the red, with deep losses from big caps such as Tongcheng Travel Hlds. (-4.2%), Techtronic Inds. (-3.6%), Meituan (-2.6%), Sun Hung Kai Properties (-2.5%), and Henderson Land Dev. (-2.4%).
Source : CNBC
