Hong Kong Market falls 0.15%

Hong Kong share market finished session lower on Monday, 05 February 2024, as investor sentiment soured after a robust U.S. jobs report dashed any expectations of a near-term interest rate cut from the Federal Reserve and the lack of a clear signal for policy support from China.

Adding to investor pessimism, the International Monetary Fund on Friday projected that China's economic growth would slow to 4.6% in 2024 and decline further in the medium-term with growth of about 3.5% projected in 2028.

At closing bell, the benchmark Hang Seng Index declined 23.55 points, or 0.15%, to 15,510.01. The Hang Seng China Enterprises Index dropped 1.63 points, or 0.03%, to 5,217.36.

 

The China Securities Regulatory Commission pledged to rein in wild fluctuations in the stock market by cracking down on market manipulation, vicious short selling, insider trading and fraudulent listings, in a statement on Sunday. However, the watchdog did not indicate as to how it intends to revive investor confidence and was silent about how it would shore up stocks, further disappointing investors frustrated with Beijings underwhelming stimulus measures.

Among blue chips, property developer Longfor Group sank 4.1% to HK$8.34 and its peer China Resources Land retreated 1.1% to HK$23.25. Alibaba Group slipped 0.1% to HK$70.65 and Baidu slipped 1.1% to HK$100.90. Chinese electric-vehicle maker Li Auto lost 0. 7% to HK$111 and shares of rival BYD shed 0.6% to HK$171.70.

Powered by Capital Market - Live News