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Hong Kong stocks retreat after US Treasury yields hit 16-year highs

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Hong Kong stocks slip to 10-month lows as mood darkened by rising oil prices, surging bond yields and China Evergrande’s shock trading halt

Risk appetite sours after crude oil futures near the highest level in a year and yields on US 10-year Treasury climb to the highest levels since 2007The Hang Seng Index is headed for the second straight quarterly loss, having retreated more than 8 per cent this quarter as China’s property woes worsenedHong Kong stock marketZhang Shidongin ShanghaiPublished: 10:31am, 28 Sep, 2023Why you can trust SCMP

Hong Kong stocks tumbled taking the benchmark to a new 10-month low, as surging oil prices and rising US Treasury yields dimmed the global growth outlook, with the abrupt suspension of trading in shares of China Evergrande Group and its units also denting investor sentiment.

The Hang Seng Index fell 1.4 per cent to 17,373.03 at the close, the lowest since November 28. The Hang Seng Tech Index dropped 1.5 per cent but the Shanghai Composite Index rose 0.1 per cent.

Mainland China’s stock markets will be shut on Friday and all of next week for public holidays and trading was thin with investors lightening positions ahead of the closure. Trading volumes on the Shanghai and Shenzhen exchanges were at least 10 per cent below the 30-day average on Thursday, according to Bloomberg data.

Macau casino operators Galaxy Entertainment Group slid 5.7 per cent to HK$45.25 and Sands China slumped 4.8 per cent to HK$23.05. JD Health International lost 4 per cent to HK$37.65 and online game operator NetEase eased 2.6 per cent to HK$151.20. Tencent Holdings retreated 1.5 per cent to HK$297.40 and Alibaba Group Holding shed 1.8 per cent to HK$83. Meituan dropped 3.5 per cent to HK$110.80.

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