Search

Hong Kong stocks close lower on tech slide, Evergrande warning - Reuters

samasamp.blogspot.com

Aug 26 (Reuters) - Hong Kong stocks snapped a three-day winning streak to close lower on Thursday, as tech shares dropped after a recent rebound, while China Evergrande Group’s profit warning hit property and banking shares.

** Many investors stand on the sidelines as they await the Jackson Hole Symposium for assurances that the U.S. Federal Reserve won’t be rushing in to tighten policy, a move that could draw capital away from emerging markets.

** The Hang Seng index fell 1.1% to 25,415.69, while the China Enterprises Index lost 1.5% to 8,937.29 points.

** The Hang Seng TECH Index slumped 1.9%, following three consecutive days of gains.

** Chinese tech shares had been the target of intensive selling amid Beijing’s relentless crackdown, before bargain hunters piled in earlier this week.

** “Many investors are asking us whether it is time to buy Chinese technology stocks. The short answer is no,” wrote Peter Garnry, head of equity strategy at SAXO Bank.

** “It will take time for foreign investors to come back and the ‘tail-risk’ that has happened in Chinese technology stocks will not be easily forgotten by investors.”

** Garnry added that buying can be an option only for “short-term traders with a high risk tolerance.”

** Property shares fell over 1%, after Evergrande , China’s most indebted property developer, forecast a slump of as much as 39% in its first-half profit.

** Evergrande’s shares tumbled 7.5% to a fresh low in six years, while Evergrande New Energy Vehicle slumped 18.7%.

** An index tracking financial shares fell nearly 1%, amid fears that lenders’ asset quality could suffer in China’s slowing property market, and a decelerating economy.

** Bucking the trend, Jinchuan Group International Resources Co shares surged 17% after reports Chinese battery giant CATL is seeking a stake in the company. (Reporting by the Shanghai Newsroom; editing by Uttaresh.V)

Adblock test (Why?)



"close" - Google News
August 26, 2021 at 03:34PM
https://ift.tt/3sMfMBu

Hong Kong stocks close lower on tech slide, Evergrande warning - Reuters
"close" - Google News
https://ift.tt/2QTYm3D
https://ift.tt/3d2SYUY

Bagikan Berita Ini

0 Response to "Hong Kong stocks close lower on tech slide, Evergrande warning - Reuters"

Post a Comment

Powered by Blogger.