On Tuesday, the Hang Seng index experienced a significant decline of 305.81 points or 1.54%, closing at 19,607.08. This drop continued the previous session’s losses and reflected growing concerns about China’s economy, which remains stagnant despite the central bank’s recent decision to reduce key lending rates. Market participants were hoping for additional measures from Beijing to stimulate the economy but were disappointed by the lack of concrete actions during a cabinet meeting held on Friday. Additionally, US stock futures retreated sharply due to the Federal Reserve’s uncertain stance on interest rates and in anticipation of Chair Powell’s semi-annual report to Congress scheduled for Wednesday. The technology and consumer sectors each suffered a decline of over 2%, while the property sector also experienced significant losses, and financials were notably affected as well. Notable companies that experienced substantial drops include Wuxi Biologics (down 16.8%), Zhejiang Leapmotor Tech. (down 7.4%), Innovent Biologics (down 5.8%), Haidilao Intl. Hldg. (down 5.4%), ESR Group (down 4.2%), Meituan (down 3.5%), and Tencent Hlds. (down 2%).
Hong Kong Stock Market Index (HK50)
