HONG KONG: China and Hong Kong stocks fell on Thursday after Beijing’s latest measures to revive the struggling property sector failed to boost investors’ mood.
Hong Kong shares dip, China steady as data disappoints
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At the midday break, the Shanghai Composite index was down 0.32% at 3,428.37 points. China’s blue-chip CSI300 index was down 0.31%.
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Hong Kong’s benchmark Hang Seng Index was down 0.88% at 19,649.91.
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China’s latest effort to shore up the crisis-hit property sector via tax incentives on home and land transactions failed to improve stock prices in the sector.
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The CSI real estate index was down 0.52%, and the Hang Seng Mainland property Index slid 2.25%. Developer Longfor was among the top losers in Hong Kong, falling 5% to its lowest since late September.
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Bucking the trend, Chinese technology company Tencent climbed as much as 2.8% after posting an 8% rise in September-quarter revenue.
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Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.48%, while Japan’s Nikkei index added 0.15%.
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The yuan was quoted at 7.2435 per US dollar, 0.15% weaker than its previous close of 7.233.
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So far this year, the Shanghai stock index is up 15.2% and the CSI300 has risen 19.4%, mostly due to a surge triggered by government promises of stimulus in late September.
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