Hong Kong Stocks Drop
Hong Kong stocks fell 113 points, or 0.6%, to 19,576 during Tuesday’s morning session, declining for a second day. The declines were driven mainly by the consumer and technology sectors, with Tencent Holdings plunging nearly 5% after it was blacklisted by the U.S., along with CATL Co., over alleged ties to the Chinese military. The move came just weeks before Donald Trump took office.
Overnight on Wall Street, the S&P 500 and Nasdaq posted consecutive gains as technology stocks surged, limiting further declines in the city’s markets. Meanwhile, Reuters said Chinese authorities have been trying to stabilize markets early in the year by asking major mutual funds to buy more shares than they sell each day. Separately, China’s state economic planner is expected to hold a news conference later in the day to facilitate the formation of a large domestic market. Among the companies that slowed down since the beginning besides Tencent were Miniso Group (-5.8%), Wuxi Biologics (-4.9%), ZTO Express (-2.3%), and SenseTime Group (-1.5%).
Source: Trading Economics
