Hang Seng Ends 0.8% Lower Ahead of Hong Kong Inflation Data
The Hang Seng dropped 201 points or 0.8% to close at 26,344 on Monday, reversing a flat finish in the prior session as U.S. futures fell sharply ahead of Fed speeches and a key U.S. inflation report this week.
Caution also grew ahead of Hong Kong’s August inflation data due later today, while the city braced for one of its strongest super typhoons in years. Hong Kong International Airport will suspend passenger flights for 36 hours from Tuesday evening, with the Airport Authority confirming preparations for the storm, named Ragasa.
Losses were partly cushioned by the PBoC’s decision to keep key lending rates at record lows for a fourth month in September, in line with expectations. Property stocks led declines, down over 1%, followed by financials, consumers, and tech. BYD Co. slipped 2.2% after filings showed Berkshire Hathaway had fully exited its 17-year stake. Other notable losers included Citic (-6.3%), SITC Intl. (-5.9%), Techtronic Inds. (-4.0%), and Kuaishou Tech (-2.2%).
Source: Trading Economics
