Hong Kong and mainland China stocks fell following an overnight slide in the key US stock gauges amid lower expectations for interest-rate cuts by the Federal Reserve.
The Hang Seng Index dropped 1.1 per cent to 20,522.73 as of 10:05am local time. The Hang Seng Tech Index tumbled 2 per cent to 4,514.49.
On the mainland, the CSI 300 Index slid 0.8 per cent to 3,941.66 and the Shanghai Composite Index lost 0.7 per cent to 3,280.43.
"Market sentiment in both Hong Kong and the mainland turned weak as some investors decided to lock up gains over the past two days by reducing their holdings," said Ivan Li, a fund manager at Loyal Wealth Management in Shanghai. "The market outlook remains cloudy since most investors are cautious on equity investment before China unveils a strong stimulus package to buoy the slowing economy and the embattled property sector."
The S&P 500 declined 0.9 per cent on Wednesday as traders were suspicious about further rate cuts in the US over the two remaining Fed policy meetings.
Chinese autonomous driving technology firm Horizon Robotics, which raised US$696 million in its Hong Kong initial public offering, climbed 27 per cent in its trading debut on Thursday to HK$5.08, compared with its offering price of HK$3.99.
Sumber : scmp.com
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