Stocks in Hong Kong fell as Beijing's lacklustre policy announcement on Friday disappointed investors amid rising concerns about tariffs following the US election.
The Hang Seng Index slid 2.2 per cent to 20,268.22 at 9.55am Monday, while the Tech Index dropped 1.9 per cent. The CSI 300 Index dropped 0.5 per cent, and the Shanghai Composite Index slid 0.4 per cent.
Property and tech stocks led an overall decline in Hong Kong. Longfor Group plunged 4.2 per cent to HK$13.14, New World Development fell 1.4 per cent to HK$7.85 and Sun Hung Kai Properties fell 1.4 per cent to HK$79.05.
Alibaba Group dropped 3.3 per cent to HK$90.90, while Baidu fell 3.5 per cent to HK$85.85 and JD.com fell 4 per cent to HK$149.10.
On Friday, the standing committee of China's top legislature approved an additional 6 trillion yuan (US$838 billion) bond quota to defuse hidden local debts. The policy announcement has been seen as insufficient to inject life into the nation's sluggish economy.
Donald Trump's re-election and China's announcement are likely to disappoint investors in Asia excluding Japan, especially when it comes to Hong Kong and China stocks, at least in the near term, economists at Nomura including Chetan Seth and Ankit Yadav, said in a note on Monday.
Sumber : scmp.com
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