Alibaba, Tencent suffer in Hong Kong stock sell-off as Fed rate bets strengthen
Hong Kong stocks fell, extending a sell-off to the lowest level in 11 years, after a strong US employment data strengthened bets for another jumbo rate hike. Chinese onshore stocks retreated as higher Covid-19 cases hurt post-holiday trading.
$Hang Seng Index(800000.HK$ slipped 2.5 per cent to 17,298.32 at local noon trading break, adding to an almost HK$5 trillion (US$637 billion) rout among its 73 members this year. Today’s loss erased almost all of the 3 per cent rally last week. $Hang Seng TECH Index(800700.HK$ slid 3.5 per cent, while the $SSE Composite Index(800146.HK$ retreated 0.4 per cent.
$BABA-SW(09988.HK$ tumbled 2.9 per cent to HK$79, $TENCENT(00700.HK$ lost 1.6 per cent to HK$266.40, while $MEITUAN-W(03690.HK$ plunged 6 per cent to HK$162.60. Top electric-car makers fell, with $BYD COMPANY(01211.HK$ sliding 3.9 per cent to HK$189.70 and $XPENG-W(09868.HK$ tumbling 5.3 per cent to HK$38.30.
What moved the Hang Seng Index?
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bwjx : lol. better off buying bonds then buying stocks these 11 years.
HopelessChi bwjx: those that bought the so called blue chip companies for the past 11 years, only to know they got no inflation profit only to know, they are back to square 0. 11 years. diamond weak exiting by every human on earth. Trust in china seem to be 0
whqqq bwjx: May I ask which bonds you are optimistic about?
FeirreOP bwjx:
bwjx whqqq: I will be more optimistic about indices for Nov and Dec. Everything will hinge on market reaction to cpi data on Thu.
reserved Cheetah_041 : You are very smart and pretty babe