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Hong Kong stocks close flat as Fed minutes curb wagers on aggressive rate cuts
- Investors remain unconvinced despite Caixin’s China services industry PMI remaining in expansionary zone for 12 months in a row
- Hotpot restaurant operator Haidilao fell 3.9 per cent to HK$13.64 after Morgan Stanley slashed the stock’s price target by 23 per cent
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Zhang Shidongin Shanghai
Hong Kong stocks hovered near a two-week low as the latest minutes from the Federal Reserve suggested interest rates would remain higher for longer, offsetting a report showing an improvement in China’s services industry.
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The Hang Seng Index fell 0.43 points to 16,645.98 at the close. The Hang Seng Tech Index also added 0.2 per cent, while the Shanghai Composite Index retreated 0.4 per cent.
Hotpot restaurant operator Haidilao International Holding dropped 3.9 per cent to HK$13.64 after Morgan Stanley slashed the price target for the stock by 23 per cent, citing stiffer competition and weak consumer spending.
Anta Sports Products fell 2.6 per cent to HK$70.30 and JD Health International lost 2.1 per cent to HK$35.20. Hang Lung Properties eased 1.7 per cent to HK$10.34 and Wharf Real Estate Investment shed 1.4 per cent to HK$24.05 after home transactions in Hong Kong slumped to a 33-year low in 2023.
Limiting the losses on the broader market, CNOOC advanced 2.8 per cent to HK$13.36 and PetroChina added 2.7 per cent to HK$5.37 after crude oil futures rose above US$73 a barrel for the biggest gain in almost seven weeks.
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