The Hang Seng Index fell 0.9% to 16,188.78 as of 10:50 a.m. local time, after rising 3.8% last week. The tech index fell 2.4% and the Shanghai Composite Index rose 1% after markets resumed trading after a week-long Lunar New Year holiday.
Tencent fell 1.6% to HK$287.20, Alibaba Group fell 1.5% to HK$71.90 and e-commerce peer Jingtocom fell 4.5% to HK$91.40. Sportswear maker Li Ning fell 8.2% to HK$19.50, while development company Longfor fell 6.8% to HK$8.74.
The People’s Bank of China on Sunday kept its medium-term lending rate unchanged at 2.5% for the sixth consecutive month, in a decision seen as protecting the currency’s downward pressure. In offshore trading, the yuan fell to 7.206 yuan to the dollar, from 7.187 yuan three weeks ago.
“Authorities believe that deteriorating sentiment, rather than weak economic fundamentals, is behind the decline in stock prices,” analysts at BCA Research said in a note. “They will therefore rely on regulatory measures rather than providing significant stimulus to the economy. The weak economic backdrop suggests that any gains in Chinese stocks from any intervention are likely to be short-lived. There is.”
Meanwhile, stocks listed on mainland stock exchanges rose as local financial markets reopened after the week-long Lunar New Year, catching up with last week’s solid gains in global markets.
As of 10:50 a.m. local time, the Shanghai Composite Index was up 1%, and the CSI300 index was up 0.5%. Last week, Hong Kong’s index rose 3.8%, Japan’s Nikkei 225 rose 4.3% and New York’s S&P 500 index hit a record high.
Hang Seng Index compiler leaves bluechip benchmark unchanged in latest review
Hang Seng Index compiler leaves bluechip benchmark unchanged in latest review
The Hang Seng Index rebounded last week after an auspicious start to the Year of the Dragon, adding to the previous week’s 1.4% gain and posting its highest consecutive weekly gain since June. China surprisingly cut banks’ reserve requirements earlier this month and intervened in the stock market to shore up sentiment.
Also, Kuaishou, Swire Properties, Xpeng and JD Logistics fell 0.8% to 4.3%. Shares rose last week on speculation that the company could be included in the benchmark Hang Seng Index after a quarterly review. Index creators decided on Friday to keep membership at 82.
Other major Asian markets were mixed. Japan’s Nikkei average fell 0.3%, South Korea’s Kospi index rose 0.9%, while Australia’s S&P ASX 200 index was little changed.
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