Hong Kong Stocks Fell to Start The Day
Stocks in Hong Kong fell 104 points or 0.5% to 21,292 in early trade on Tuesday, following an overnight slump on Wall Street after U.S. President Trump intensified criticism of Fed Chair Powell, calling him "a major loser" for not cutting interest rates.
Trading resumed in the city after the holiday break, weighed down by fresh tensions as China warned it would retaliate against any trade deals with the U.S. that undermine its interests. Losses were partially limited by comments from Premier Li Qiang, who urged officials to step up efforts to stabilize the stock market. Meanwhile, the People’s Bank of China (PBoC) kept its benchmark lending rates unchanged for a sixth straight month Monday, in line with expectations.
All sectors were lower, with tech and consumer stocks hit hardest. Notable laggards included Tongcheng Travel (-10.7%), H World Group (-7.7%), Meituan (-6.7%), and Trip.com (-3.4%). On the upside, Zhaojin Mining Industries jumped 3.5% on the back of strong earnings.
Source : Trading Economics
