BYD, Geely buck trend even as Hong Kong stocks’ losing streak continues for a fifth straight day
- The Hang Seng Index fell less than 0.1 per cent to 28,781.38 in rangebound trading
- Sunny Optical and Haidilao led laggards with declines of at least 2 per cent
The Hang Seng Index ended 0.02 per cent lower or 5.9 points at 28,781.38 in rangebound trading.
Mainland benchmarks also fell. The Shanghai Composite eased 0.5 per cent, while the CSI 300, which tracks the biggest stocks on the Shanghai and Shenzhen stock exchanges, dropped 0.9 per cent for its second day of declines.
“Right now, equity valuations suggest it’s time to slow down in markets, but you can’t take your foot too far off the gas due to the dearth of more defensive options,” said Johanna Kyrklund, chief investment officer at Schroders in a note on Tuesday.
“The ‘reopening’ trades have played out to a large extent now and markets have become more nuanced. Markets are getting more volatile, which is a sign that this current cycle is getting long in the tooth.”
The Hang Seng Index will remain range bound between the 28,600 and 29,400 levels as market sentiment remains lacklustre, said Kenny Wen, wealth management strategist at Everbright Sun Hung Kai.