Hong Kong Equities Snap Two-Day Winning Streak
Shares in Hong Kong dipped 230 points or 0.9% to 24,535 on Thursday morning deals, ending gains from the prior two sessions amid widespread sector declines. Markets retreated from their highest level in three years as some traders booked profits.
At the same time, concerns intensified following a caution from BofA Securities that China's stock market rally might experience a "significant correction soon," citing similarities to the 2015 boom-and-bust cycle. Limiting further losses was a modest increase in U.S. futures, following the Fed's decision to keep interest rates unchanged as anticipated while signaling two rate cuts by 2025.
In China, the central bank retained its key interest rate at record lows for the fifth month running, in line with consensus. Tencent Hlds. dropped 2.7% after increasing capital expenditures to compete in China's AI investment race.
Source: Trading Economics