Hong Kong Market tumbles 2.61%

Hong Kong share market finished session steep lower on Tuesday, 05 March 2024, as Chinas key parliament meeting missed expectations for big-ticket stimulus plans to prop up the struggling economy.

China is aiming for five percent GDP growth this year but there is reluctance to use deficit spending for economic stimulus. The Chinese government has set the targeted fiscal deficit-to-GDP ratio at 3% this year, down from a revised 3.8% last year.

At closing bell, the benchmark Hang Seng Index declined by 433.33 points, or 2.61%, to 16,162.64, with all but five of the 82 index members saw price declines. The Hang Seng China Enterprises Index fell 150.10 points, or 2.63%, to 5,562.73.

Among blue chips, Tencent slipped 2.9% to HK$268.20, Alibaba lost 3.3% to HK$69.70 while rival JD.com slid 7.5% to HK$82.75 before its earnings card. Online travel agency Trip.com slid 4.5% to HK$332.60 and food delivery platform Meituan lost 5.6% to HK$86.35.

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