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Hong Kong stocks hit 4-week low as banks, developers shunned before Fed action

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Hong Kong stocks slip to 4-week low as investors shun banks, developers before Fed, HKMA policy actions

Hang Seng Index slips towards the lowest in four weeks as banks and property developers come under pressure before Fed, HKMA actions this weekThe Chinese yuan continues to weaken in offshore trading even as China’s central bank pledges to support foreign businesses amid capital outflowsHong Kong stock marketJiaxing LiPublished: 10:43am, 19 Sep, 2023Why you can trust SCMP

Most Hong Kong stocks fell, dragging the city’s benchmark index to a four-week low as investors shunned developers and banks before key policy decisions by the Federal Reserve and the city’s monetary authority this week. Investors also looked past Beijing’s latest vow to support foreign businesses.

The Hang Seng Index lost 0.3 per cent to 17,878.02 at 10.10am local time, the lowest level since August 23. The Tech Index declined 0.8 per cent while the Shanghai Composite Index retreated 0.3 per cent.

HSBC dropped 0.5 per cent to HK$60.45 while AIA Group slipped 0.8 per cent to HK$64.90 and New World Development weakened 0.5 per cent to HK$15.44. JD.com paced tech losses, sliding 1.2 per cent to HK$119.50 while Meituan lost 0.9 per cent to HK$120.90.

The Fed is almost certain to keep its target rate unchanged at 5.25 per cent to 5.50 per cent when policymakers meet on Wednesday, pausing for a second time in its tightening since March 2022, according to CME Group, based on Fed fund futures. The Hong Kong Monetary Authority is expected to follow in lockstep.

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