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Hong Kong Stocks Nearing Two-Week Low Amid Economic Concerns

Hong Kong stocks approached a two-week low as banks slipped on speculation of increased lending to troubled property developers.

Hong Kong Stocks Nearing Two-Week Low Amid Economic Concerns

The Hang Seng Index dropped 1%, reaching its lowest point since November 17. The Tech Index slid 0.9%, while the Shanghai Composite Index declined 0.8%. Major Chinese lenders, including ICBC and Construction Bank, weakened amid concerns about their asset quality and the need to write more loans without collateral backing. Alibaba Group, Tencent, and Meituan also saw declines. EV maker BYD tumbled 4.2% to a three-month low after slashing prices on some older models.

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The Hang Seng Index is striving for its first monthly advance since July, but Goldman Sachs suggests that more measures are needed to address the economic slowdown. Concerns about China's economic activity persist, and further easing measures may be necessary. Industrial profits in October rose 2.7%, compared to an 11.9% rise in September. However, manufacturing is expected to have contracted in November. Goldman Sachs anticipates continued sluggishness in manufacturing, emphasizing the need for additional easing measures.


In the broader Asian market, major indices mostly traded lower. Australia's S&P/ASX 200 declined 0.6%, South Korea's Kospi weakened 0.9%, and Japan's Nikkei 225 added 0.3%.

By fLEXI tEAM

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