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BonJovi83
2023-08-14

Beware for China HK market

Hong Kong Stocks Continue Slide As More Disappointing Economic Data and Property Crisis Weigh on Sentiment

Hong Kong stocks slid as the latest economic data gave investors more cause to doubt a rebound in growth and the property crisis continued to weigh on sentiment.The Hang Seng Index slid 1.8 percent to

Hong Kong Stocks Continue Slide As More Disappointing Economic Data and Property Crisis Weigh on Sentiment

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The tech index slipped 2 percent while the Shanghai Composite Index declined 0.8 percent.</p><p>All 80 index members declined. Alibaba Group lost 2.7 percent to HK$92.75, rival JD.com tumbled 3.1 percent to HK$141.60 and Tencent Holdings declined 1.5 percent to HK$331. EV maker BYD tumbled 5 percent to HK$241.80, while Macau casino operator Sands China slid 4.7 percent to HK$27.25.</p><p>Embattled property giant Country Garden crashed 10 percent to HK$0.88, a historical low, as investors continue to sell the company’s stocks amid fears of a debt restructuring. Country Garden Real Estate Group is suspending trading of 11 of its onshore bonds from Monday, according to the Shenzhen Stock Exchange.</p><p>China’s credit growth in July came in well below market expectations, with new aggregate financing standing at 528 billion yuan (US$72.8 billion) in July, less than half of consensus expectations. 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The tech index slipped 2 percent while the Shanghai Composite Index declined 0.8 percent.All 80 index members declined. Alibaba Group lost 2.7 percent to HK$92.75, rival JD.com tumbled 3.1 percent to HK$141.60 and Tencent Holdings declined 1.5 percent to HK$331. EV maker BYD tumbled 5 percent to HK$241.80, while Macau casino operator Sands China slid 4.7 percent to HK$27.25.Embattled property giant Country Garden crashed 10 percent to HK$0.88, a historical low, as investors continue to sell the company’s stocks amid fears of a debt restructuring. Country Garden Real Estate Group is suspending trading of 11 of its onshore bonds from Monday, according to the Shenzhen Stock Exchange.China’s credit growth in July came in well below market expectations, with new aggregate financing standing at 528 billion yuan (US$72.8 billion) in July, less than half of consensus expectations. Meanwhile, loans to the real economy plummeted to 36.4 billion yuan, the lowest since 2006, according to Goldman Sachs.Official data due on Tuesday is also likely to show China’s economy weakening. Industrial output, retail sales and fixed-assets investment are all expected to post only marginal growth, Bloomberg data showed.The Hang Seng Index has slumped for two weeks amid property woes spurred by Country Garden and slowdown concerns. Investors have started to question whether Beijing’s stimulus can help the market to turn the corner amid mounting downward pressure.Major Asian markets traded lower on Monday. The Nikkei 225 in Japan and the S&P/ASX 200 in Australia lost 0.4 per cent. 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