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Hong Kong stocks slide after long weekend as threat of US rate hike haunts market

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Hong Kong stocks fall as threat of US rate hike haunts market, troubled Evergrande surges after pause

The yields on US Treasuries soared as the rhetoric of Fed officials pointed towards further rate hikesTroubled property developer China Evergrande jumped as much as 42 per cent to HK$0.46 per share as it resumed trading on TuesdayHong Kong stock marketJiaxing LiPublished: 10:15am, 3 Oct, 2023Why you can trust SCMP

Hong Kong stocks slid after traders returned from a long weekend, as rising US Treasury yields hurt sentiment. The crisis embroiling debt-ridden developer China Evergande remained in focus.The Hang Seng Index fell 3 per cent to 17,278.37 at the noon trading break on Tuesday, giving up all of its gains from Friday, to trade near an 11-month low. The Hang Seng Tech Index dropped 2.9 per cent. Markets in mainland China are closed this week for the 10-day long “golden week” holiday.

Tencent Holdings slid 2.7 per cent to HK$298, Alibaba Group lost 3.3 per cent to HK$82.80 and e-commerce platform JD.com retreated 3.5 per cent to HK$111.10. Local property company New World Development sank 6.6 per cent to HK$14.24, Henderson Land dropped 5 per cent to HK$19.62 while Sun Hung Kai Properties lost 3 per cent to HK$81.30.

Troubled property developer China Evergrande soared as much as 42 per cent to 46 Hong Kong cents per share as it resumed trading on Tuesday, before falling back to hit the midday break up 15.6 per cent at 37 Hong Kong cents. Trading of the company’s shares was halted last week after its billionaire founder was put under police control on suspicion of committing undisclosed crimes.

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