HONG KONG: China stocks dipped again on Wednesday to the lowest since Feb 2019, while Hong Kong shares headed to a seven-day losing streak, as the absence of market catalysts kept investor sentiment low.
China stocks struggle for direction; tourism shares shine
-
Both the blue-chip CSI 300 Index and the Shanghai Composite Index edged down 0.2%.
-
Hong Kong’s Hang Seng Index fell 0.4%, and the Hang Seng China Enterprises Index dropped 0.3%.
-
Most Asian stocks retreated on Wednesday as investors remained on edge over US inflation and early interest rate cuts.
-
Jason Lui, head of APAC equity derivatives strategy at BNP Paribas, sees limited upside for China stocks in 2024 as the visibility of policies or their implementation have been not very clear.
-
He added the weak start of Hong Kong stocks this year was due to the market not seeing “any major new policy announcement coming out of the broader China complex.”
-
Uncertainties surrounding the upcoming Taiwan election also caught the eyes of investors.
-
On Tuesday, the Taiwan government issued a mistaken air raid alert after the Chinese rocket carrying a science satellite flew over southern Taiwan.
-
China on Wednesday said the satellite launch was a regular annual arrangement.
-
The anime Comic Game Index, which covers smaller game makers listed in mainland markets, lost 1.7% to lead the decline. ** Photovoltaic stocks gained 1.8%, outperforming most sectors.
-
Hong Kong-listed tech giants slipped 0.4%, setting to decline for a fourth consecutive day.
Comments