Hong Kong stocks slip on profit-taking as excitement over Fed rate outlook fades
Wall Street indexes slump overnight as investors await a key inflation report that could determine the pace and scale of rate cuts
The Hang Seng Index slipped 1.2 per cent to 25,524.92 at the close, trimming gains of nearly 3 per cent from the previous two sessions. The Hang Seng Tech Index lost 0.7 per cent. On the mainland, both the CSI 300 Index and the Shanghai Composite Index slid 0.4 per cent, snapping a four-day winning streak.
Hotpot restaurant chain Haidilao tumbled 2.8 per cent to HK$14.47 after its profit missed expectations. CSPC Pharmaceutical Group sank 4.3 per cent to HK$10.38. Post owner Alibaba Group Holding fell 2.6 per cent to HK$121.30, while insurer AIA declined 1.5 per cent to HK$73.45.
Ping An Insurance (Group), China’s largest insurer by market capitalisation, fell 2.1 per cent to HK$57.45 ahead of its earnings report later on Tuesday.
“Asian equities are shuffling into the session with their shoelaces tied together, inheriting Wall Street’s stumble and staring down an inflation report that could redraw the map of Fed policy,” said Stephen Innes, a managing partner at SPI Asset Management in Bangkok.