The Hang Seng Index fell 1.5% to 15,462.74 as of 3:08 p.m. local time, bringing the monthly decline to 9.3% and the worst since a 9.4% decline in February last year. . The tech index fell 3.2%, and the Shanghai Composite Index fell 1.5%.
This month’s decline marks the worst start to the year for the local market since January 2016, when the Hang Seng Index fell 10%.
“Weakness in manufacturing cannot be explained by seasonality. Policy support is still needed to boost effective demand,” said Bruce Pang, chief economist at Jones Lang LaSalle in Hong Kong. He added that weak consumer and producer prices could support a rate cut in China.
Citigroup and HSBC lower Hang Seng Index targets due to profits, raising questions about China policy
Citigroup and HSBC lower Hang Seng Index targets due to profits, raising questions about China policy
Beijing’s piecemeal support package and new geopolitical risks ahead of the US presidential election later this year, combined with this week’s shocking liquidation judgment against China Evergrande Group, are clouding China’s recovery prospects. analysts point out.
Meanwhile, Sunny Optical, which makes camera lenses for iPhones, plunged 13% to HK$46.90. The company said its net profit could fall by up to 55% in 2023 due to lower product prices and narrower profit margins due to weak demand and increased competition.
Hong Kong real estate prices fall to lowest since January 2017 due to high interest rates
Hong Kong real estate prices fall to lowest since January 2017 due to high interest rates
Markets fell as traders said they expected rates to remain unchanged at the first policy meeting of 2024 later today, based on 98% odds priced into federal funds futures. The decision does not provide immediate relief to Hong Kong’s real estate market, which has been suffering from interest rate hikes since March 2022.
Sun Hung Kai Properties fell 1.8% to HK$72.90, New World Development fell 4% to HK$9.58 and Henderson Land fell 3.6% to HK$20.25.
Other major Asian markets were mixed. Japan’s Nikkei Stock Average rose 0.6%, Australia’s S&P/ASX 200 index rose 1.1%, while South Korea’s Kospi index fell 0.1%.
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