The Hang Seng Index slips into bear market territory after retreating 20 per cent from the peak on June 28. Photo: Shutterstock Images
The Hang Seng Index slips into bear market territory after retreating 20 per cent from the peak on June 28. Photo: Shutterstock Images

Hong Kong stocks enter bear market as sell-off in Alibaba, Tencent, developers deepens amid rate-hike worries

  • Property developers retreated as rising mortgage costs erode local homebuyers’ purchasing power, while losses in Alibaba and Tencent deepened
  • The Hang Seng Index has dropped 20 per cent from the recent peak on June 28, while the sell-off has erased US$1.3 trillion in value from the city’s stock market this year

The Hang Seng Index slips into bear market territory after retreating 20 per cent from the peak on June 28. Photo: Shutterstock Images
The Hang Seng Index slips into bear market territory after retreating 20 per cent from the peak on June 28. Photo: Shutterstock Images
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