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Hong Kong stocks drop for third time this week on US stimulus stalemate and China growth concern
- Hang Seng Index falls 0.4 per cent to 26,410.59 at the close, with tech stocks leading the decline
- Sunny Optical and AAC Technologies ease at least 2.4 per cent
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Zhang Shidongin Shanghai
Hong Kong’s stocks fell for a third time this week, as a US stimulus package remains elusive and concern mounts over the sustainability of China’s economic recovery.
The Hang Seng Index dropped 0.4 per cent to 26,410.59 at the close on Thursday, taking the week’s decline to 1.6 per cent. The Hang Seng Tech Index, which tracks the biggest hi-tech companies trading in the city, eased 0.9 per cent, tracking an overnight rout in US technology stocks.
China’s Shanghai Composite Index added less than 0.1 per cent.
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Sentiment remained skittish after US technology companies bore the brunt of a sell-off and the S&P 500 slipped from its record high. Juggernauts from Tesla to Zoom Video Communications all slumped after analysts issued bearish calls and lowered the ratings.
Meanwhile, no concrete progress over a new relief package has been made. While the Democratic and Republican lawmakers working on the plan delivered a more-detailed summary of their proposal, they have not yet resolved the deadlock over a business liability shield and aid to state and local governments.
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