Hong Kong stocks fell following the US Federal Reserve's unexpected hawkish forecast for interest rate cuts next year. On the mainland, the CSI 300 Index slid 0.1 per cent and the Shanghai Composite Index strengthened 0.3 per cent.
The Hang Seng Index declined 0.9 per cent to 19,692.31 at 9.50am local time on Thursday, erasing the previous day's gains. The Hang Seng Tech Index retreated 1 per cent. On the mainland, the CSI 300 Index slid 0.1 per cent and the Shanghai Composite Index strengthened 0.3 per cent.
Among the major decliners, travel platform Trip.com sank 3 per cent to HK$554.00 and carmaker BYD dropped 2.3 per cent to HK$263.60. Chinese developer Longfor Group fell 2 per cent to HK$9.99.
The Hong Kong Monetary Authority, the city's de facto central bank cut its base rate by a quarter point to 4.75 per cent, the lowest level since December 2022, following the Fed's widely expected action overnight. However, the mood was dampened as the Fed forecast only two more reductions next year.
Herbs Generation Group, founded by Hong Kong TV actor Roger Kwok and his sister, jumped 32 per cent to HK$4.98 on debut, after attracting an overwhelming response from retail investors.
Elsewhere, major Asia-Pacific markets slumped. Japan's Nikkei 225 fell 1 per cent, Australia's S&P/ASX 200 sank 1.9 per cent and South Korea's Kospi declined 1.6 per cent.
Sumber : scmp.com
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