AIRLINK 170.57 Decreased By ▼ -2.58 (-1.49%)
BOP 11.18 Increased By ▲ 0.53 (4.98%)
CNERGY 8.41 Decreased By ▼ -0.11 (-1.29%)
CPHL 99.73 Increased By ▲ 2.27 (2.33%)
FCCL 46.60 Decreased By ▼ -0.65 (-1.38%)
FFL 15.15 Decreased By ▼ -0.27 (-1.75%)
FLYNG 27.55 Decreased By ▼ -0.58 (-2.06%)
HUBC 137.78 Decreased By ▼ -1.13 (-0.81%)
HUMNL 12.92 Increased By ▲ 0.11 (0.86%)
KEL 4.54 No Change ▼ 0.00 (0%)
KOSM 5.36 Decreased By ▼ -0.19 (-3.42%)
MLCF 62.40 Increased By ▲ 0.14 (0.22%)
OGDC 212.16 Decreased By ▼ -2.59 (-1.21%)
PACE 5.42 Decreased By ▼ -0.13 (-2.34%)
PAEL 47.18 Increased By ▲ 2.32 (5.17%)
PIAHCLA 18.48 Decreased By ▼ -0.22 (-1.18%)
PIBTL 10.36 Decreased By ▼ -0.38 (-3.54%)
POWER 12.33 Increased By ▲ 0.07 (0.57%)
PPL 169.60 Decreased By ▼ -4.27 (-2.46%)
PRL 35.85 Decreased By ▼ -0.37 (-1.02%)
PTC 23.09 Decreased By ▼ -0.47 (-1.99%)
SEARL 96.26 Increased By ▲ 0.95 (1%)
SSGC 39.52 Increased By ▲ 0.39 (1%)
SYM 13.84 Decreased By ▼ -0.18 (-1.28%)
TELE 7.15 Decreased By ▼ -0.08 (-1.11%)
TPLP 10.03 Decreased By ▼ -0.26 (-2.53%)
TRG 63.48 Decreased By ▼ -1.20 (-1.86%)
WAVESAPP 9.99 Decreased By ▼ -0.05 (-0.5%)
WTL 1.31 Decreased By ▼ -0.02 (-1.5%)
YOUW 3.66 Decreased By ▼ -0.04 (-1.08%)
BR100 12,305 Decreased By -186.6 (-1.49%)
BR30 37,415 Decreased By -278.7 (-0.74%)
KSE100 114,853 Decreased By -1335.9 (-1.15%)
KSE30 35,217 Decreased By -533.1 (-1.49%)

HONG KONG: Stocks in China and Hong Kong slid on Thursday, after Beijing’s latest measures to revive the struggling property sector failed to boost investors’ mood and concerns over US-China relations intensified with reports of Trump’s expanding influence.

The Shanghai Composite index and China’s blue-chip CSI300 index both lost 1.7% at close, the biggest retreat in nearly a month.

Hong Kong’s benchmark Hang Seng Index tumbled 2% to a new seven-week low.

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.

The CSI real estate index was down 2.1%, and the Hang Seng Mainland property Index tumbled 3.6%. Developer Longfor was among the top losers in Hong Kong, falling 7.2% to its lowest since late September.

Losses deepened in the afternoon session amid renewed worries about Trump’s China policy, following reports that he is set to control both houses of Congress when he takes office in January.

Trump’s nomination of China hardliner Marco Rubio for secretary of state has also fueled concerns that his policy toward Beijing could extend beyond tariffs and trade.

“Trump could be able to push forward his policies more easily with control on both houses and the cabinet filled with hawks,” said Dickie Wong, executive director at Kingston Securities in Hong Kong.

“The concern now is that more anti-China measures could come through.”

Bucking the trend, Chinese technology company Tencent climbed as much as 2.8% after posting an 8% rise in September-quarter revenue.

Comments

Comments are closed.