Stock Market News

Hong Kong stocks tumble in catch-up trade after China GDP disappoints

2023.07.17 22:59


© Reuters.

Investing.com– Hong Kong’s fell sharply on Tuesday, catching up with losses in its Asian peers after data showed that Chinese economic growth slowed substantially in the second quarter.

The Hang Seng index fell nearly 2% in the morning session, as trade resumed after poor weather conditions, spurred by typhoon Talim, suspended trading on Monday.

Chinese real estate firms were the worst performers on the index, with Longfor Properties Co Ltd (HK:) and Country Garden Services Holdings Co Ltd (HK:) losing 6.5% and 5.5%, respectively. 

Major technology stocks also saw heavy losses after a strong run-up over the past week. Baidu Inc (HK:) (NASDAQ:), Alibaba Group Holding Ltd (HK:) (NYSE:) and Tencent Holdings Ltd (HK:)- China’s BAT trio- lost between 1.8% and 3%, while others including Meituan (HK:) and Sunny Optical Technology Group (HK:) fell over 2% each.

Losses in Chinese stocks came after data on Monday showed that growth in China’s slowed substantially in the second quarter, indicating that a post-COVID economic recovery was running out of steam.

The data triggered steep losses in broader Chinese stocks as investors reassessed the prospect of a Chinese rebound this year, while losses also spilled over into other markets exposed to the country. 

Losses in China’s major indexes continued on Tuesday, with the blue-chip index down 0.5%.

Still, the weak economic readings also pushed up the possibility of more stimulus measures from Beijing. suggested that the People’s Bank of China (PBOC) could further trim interest rates and its requirements for bank reserves in the third quarter, in an attempt to spruce up growth. 

The PBOC had cut its benchmark lending rates in June, and has consistently maintained liquidity injections into the economy this year.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 96,353.82 1.69%
ethereum
Ethereum (ETH) $ 3,316.02 2.98%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 246.79 3.90%
bnb
BNB (BNB) $ 649.25 1.70%
xrp
XRP (XRP) $ 1.35 9.87%
dogecoin
Dogecoin (DOGE) $ 0.4129 5.08%
usd-coin
USDC (USDC) $ 1.00 0.27%
cardano
Cardano (ADA) $ 0.978254 8.56%
staked-ether
Lido Staked Ether (STETH) $ 3,316.72 2.97%
tron
TRON (TRX) $ 0.203397 5.37%
avalanche-2
Avalanche (AVAX) $ 39.69 5.67%
the-open-network
Toncoin (TON) $ 5.98 4.61%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 4.61%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,920.25 3.88%
stellar
Stellar (XLM) $ 0.472999 6.32%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 96,007.72 2.11%
polkadot
Polkadot (DOT) $ 8.46 2.30%
chainlink
Chainlink (LINK) $ 16.61 5.57%
bitcoin-cash
Bitcoin Cash (BCH) $ 494.29 3.46%
weth
WETH (WETH) $ 3,316.21 3.19%
sui
Sui (SUI) $ 3.32 4.72%
pepe
Pepe (PEPE) $ 0.00002 6.62%
leo-token
LEO Token (LEO) $ 8.51 1.62%
near
NEAR Protocol (NEAR) $ 6.42 2.16%
litecoin
Litecoin (LTC) $ 93.93 6.75%
aptos
Aptos (APT) $ 11.85 6.49%
uniswap
Uniswap (UNI) $ 10.34 5.25%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,486.35 2.73%
hedera-hashgraph
Hedera (HBAR) $ 0.140274 8.99%
usds
USDS (USDS) $ 1.00 0.28%
internet-computer
Internet Computer (ICP) $ 10.68 7.63%
crypto-com-chain
Cronos (CRO) $ 0.18264 5.28%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.537589 5.54%
ethereum-classic
Ethereum Classic (ETC) $ 27.71 7.03%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.08%
render-token
Render (RENDER) $ 7.43 5.24%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.47 5.91%
kaspa
Kaspa (KAS) $ 0.149397 5.47%
bittensor
Bittensor (TAO) $ 501.52 3.35%
whitebit
WhiteBIT Coin (WBT) $ 24.37 1.44%
dai
Dai (DAI) $ 1.00 0.17%
celestia
Celestia (TIA) $ 7.78 14.64%
arbitrum
Arbitrum (ARB) $ 0.816072 3.35%
bonk
Bonk (BONK) $ 0.000045 8.75%
mantra-dao
MANTRA (OM) $ 3.67 1.41%
filecoin
Filecoin (FIL) $ 5.41 1.82%
cosmos
Cosmos Hub (ATOM) $ 8.27 0.15%
vechain
VeChain (VET) $ 0.039884 8.54%
okb
OKB (OKB) $ 52.31 2.51%