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)
"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