SHANGHAI: Hong Kong stocks fell on Tuesday, while Chinese shares closed slightly higher in a rangebound session amid sluggish recovery in the country’s economy and weak investor sentiment.
Hong Kong’s Hang Seng Index ended the session down 1%, and the Hang Seng China Enterprises Index declined 1.1%.
The blue-chip CSI 300 Index and the Shanghai Composite Index both edged up 0.2%.
Other Asian stocks nudged higher, while the dollar wallowed near three-month lows as investors remained convinced the Federal Reserve was done with its rate-hike cycle and looked ahead to a crucial inflation report later this week.
“Recent China economic data is still relatively sluggish and does not resonate with the Fed’s slowdown in interest rate hikes,” said Li Yanzheng, fund manager at Fortune & Royal Asset.
“So the market struggles, as the big-cap stocks remained weak while small stocks outperformed.” ** Shares on the Beijing Stock Exchange, which focuses on China’s small companies, dropped 4.2% after surging 11.4% on Monday amid frenzied bets.
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