HK stocks approach 11-year low on Fed hike; bargain-hunting caps China losses
** Stocks across growth and other vulnerable sectors fell after Hong Kong's central bank hiked rates in line with the Fed. ** The Hang Seng Tech Index lost 1.7% to hit a six-month low.
- Country:
- China
Hong Kong stocks dropped to a near 11-year low on Thursday as another hefty U.S. interest rate hike hurt risk appetite, while bargain-hunting helped limit losses in mainland China shares. ** Hong Kong equity benchmark Hang Seng fell 1.6% to 18,147.95, the lowest closing level since Dec. 20, 2011.
** In mainland China, the blue-chip CSI300 index fell 0.9% to 3,869.34 points, while the Shanghai Composite Index dipped 0.2% to 3,108.91 points. ** Asian markets broadly fell, trailing Wall Street, after the U.S. Federal Reserve delivered another 75-basis-point interest rate rise.
** "In the shorter term, risk assets are likely to underperform as the increased risk of recession is more fully discounted by markets," wrote David Chao, global market strategist, Asia Pacific (ex-Japan) at Invesco. ** Stocks across growth and other vulnerable sectors fell after Hong Kong's central bank hiked rates in line with the Fed.
** The Hang Seng Tech Index lost 1.7% to hit a six-month low. Electric-car makers including Xpeng Inc , Nio and Li Auto fell sharply. ** Property shares lost 1.4%,while financial shares declined 1.9%.
** China's shares were aided by signs of bargain-hunting ahead of next month's politically key Communist Party Congress event. ** Chinese equity exchange-traded funds (ETFs) posted a net inflow of roughly 33 billion yuan ($4.68 billion) over the past month, the official Securities Times reported.
** Investors poured money into mainly blue-chip ETFs such as ChinaAMC China 50 ETF and Haitai-PB CSI 300 ETF , the article said. ** Bucking the trend, Shanghai's science & innovation board STAR Market and Shenzhen's start-up board ChiNext rose ahead of the imminent launch of six tech-focused ETFs that will likely channel fresh money into the sector.
** An index tracking China's defence sector jumped 2.4% after Moscow's first wartime mobilisation since World War Two heightened geopolitical tensions.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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