ANL 10.59 Increased By ▲ 0.14 (1.34%)
ASC 9.47 Decreased By ▼ -0.34 (-3.47%)
ASL 10.95 Decreased By ▼ -0.70 (-6.01%)
AVN 69.20 Decreased By ▼ -0.16 (-0.23%)
BOP 5.86 Decreased By ▼ -0.08 (-1.35%)
CNERGY 5.14 Decreased By ▼ -0.01 (-0.19%)
FFL 6.76 Decreased By ▼ -0.19 (-2.73%)
FNEL 5.91 Decreased By ▼ -0.07 (-1.17%)
GGGL 11.18 Decreased By ▼ -0.11 (-0.97%)
GGL 15.00 Decreased By ▼ -0.13 (-0.86%)
GTECH 8.69 Decreased By ▼ -0.11 (-1.25%)
HUMNL 6.30 Increased By ▲ 0.03 (0.48%)
KEL 2.49 No Change ▼ 0.00 (0%)
KOSM 2.92 Increased By ▲ 0.08 (2.82%)
MLCF 26.50 Decreased By ▼ -1.11 (-4.02%)
PACE 3.00 Decreased By ▼ -0.05 (-1.64%)
PIBTL 5.85 Decreased By ▼ -0.10 (-1.68%)
PRL 15.80 Increased By ▲ 0.47 (3.07%)
PTC 7.35 Increased By ▲ 0.05 (0.68%)
SILK 1.37 Increased By ▲ 0.04 (3.01%)
SNGP 25.90 Increased By ▲ 0.09 (0.35%)
TELE 10.22 Decreased By ▼ -0.03 (-0.29%)
TPL 8.70 Increased By ▲ 0.03 (0.35%)
TPLP 15.38 Increased By ▲ 0.29 (1.92%)
TREET 28.10 Decreased By ▼ -0.50 (-1.75%)
TRG 76.58 Increased By ▲ 1.88 (2.52%)
UNITY 21.49 Decreased By ▼ -0.70 (-3.15%)
WAVES 12.90 Decreased By ▼ -0.15 (-1.15%)
WTL 1.48 Decreased By ▼ -0.02 (-1.33%)
YOUW 4.79 Decreased By ▼ -0.02 (-0.42%)
BR100 4,156 Decreased By -47.4 (-1.13%)
BR30 14,530 Decreased By -23 (-0.16%)
KSE100 41,950 Decreased By -489.9 (-1.15%)
KSE30 15,903 Decreased By -190.3 (-1.18%)

HONG KONG: Hong Kong shares closed at a near 21-month low on Monday, dragged down by tech giants and financial firms, after a rate cut in China’s lending benchmark failed to lift investor sentiment.

The Hang Seng index fell 1.9% to 22,744.86, while the China Enterprises Index lost 2.1% to 8,042.74 points.

China cut its lending benchmark loan prime rate (LPR) for the first time in 20 months, matching market expectations, in a bid to prop up the slowing economy.

The one-year LPR was lowered by 5 basis points, while the five-year LPR remained unchanged. “Today’s moderate cut sent a signal of Beijing’s easing bias, but its real impact will be quite limited,” said Nomura analysts.

The Hang Seng Tech Index slumped 3.2% to a new low since its inception in July 2020, with internet giants Alibaba Group, Tencent Holdings and Meituan down between 1.8% and 2.9%.

The Hang Seng Finance Index retreated 1.3%. Some index heavyweights in finance and tech sectors such as HSBC Holdings, AIA Group and Meituan dragged the city’s benchmark Hang Seng Index lower.

Mainland developers listed in Hong Kong tumbled 4.8%. Developers Sunac China, Kaisa Group and Evergrande Group closed 17.8%, 14.1% and 9.9% lower, respectively.

Analysts said the decision to keep the five-year rate unchanged showed Beijing preferred not to use the property sector to stimulate economic growth.

Healthcare firms and consumer discretionary stocks declined over 3% each, while materials-related shares plunged 5.3%.

Comments

Comments are closed.