Hong Kong stocks start week on sombre note, weighed down by lack of solid government support measures and geopolitical risks
- The China Securities Regulatory Commission pledged to rein in wild fluctuations in the stock market, but was mum on how it intends to revive investor confidence
- The Hang Seng Index fell 0.2 per cent on Monday, adding to last week’s losses when the benchmark lost 2.6 per cent
The Hang Seng Index retreated 0.2 per cent to close at 15,510.01, adding to last week’s losses when the benchmark retreated 2.6 per cent. The Hang Seng Tech Index also dropped by a similar margin and the Shanghai Composite Index slid 1 per cent.
Chinese property developer Longfor Group sank 4.1 per cent to HK$8.34 and its peer China Resources Land retreated 1.1 per cent to HK$23.25. Alibaba Group slipped 0.1 per cent to HK$70.65 and Baidu slipped 1.1 per cent to HK$100.90. Chinese electric-vehicle maker Li Auto lost 0. 7 per cent to HK$111 and shares of rival BYD shed 0.6 per cent to HK$171.70.
Meanwhile, geopolitical risks also dampened the mood as former US President Donald Trump said that if elected, he might levy tariffs of more than 60 per cent on Chinese goods.