Hong Kong shares flat amid worries about China growth

** The Hang Seng Tech Index, which had jumped roughly 14% over the past week in expectation of the meeting, slid 0.3% as some investors were disappointed with the lack of detailed support measures. ** Hong Kong-listed property shares rose 0.8% on news that more Chinese banks have reduced mortgage rates for first-time home buyers, but some cautioned the sector remains in trouble.

Hong Kong stocks ended roughly flat on Wednesday as a recent recovery ran out of steam, with some investors worried that Beijing's stimulus may not be adequate to revive the coronavirus-battered economy. ** Both the benchmark Hang Seng Index and the Hang Seng China Enterprise Index edged up 0.2%.

** Chinese Vice-Premier Liu He soothed the tech sector's nerves on Tuesday, saying the government supported the development of the sector and public listings for technology companies. ** The Hang Seng Tech Index, which had jumped roughly 14% over the past week in expectation of the meeting, slid 0.3% as some investors were disappointed with the lack of detailed support measures.

** Hong Kong-listed property shares rose 0.8% on news that more Chinese banks have reduced mortgage rates for first-time homebuyers, but some cautioned the sector remains in trouble. ** "Housing prices dropped in more cities in April. The sector is going through a crisis," Zhiwei Zhang, president, and chief economist at Pinpoint Asset Management said.

** "The government policy has turned more supportive but not overwhelmingly so ... It is not clear when the housing sector will rebound." ** In its mid-year outlook, Morgan Stanley said it expects China's 2022 growth to come in at a below-target 5.2%, with the drag from the COVID-zero strategy "only partially offset by broad-based easing" as signaled in the Politburo meeting.

** Gains in energy and industrial shares were offset by losses in IT stocks.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)