Hong Kong stocks ended lower on Tuesday as investors locked in profit after a four-day winning streak following Beijing's interest rate reform, which boosted riskier assets and tempered recession fears. The Hang Seng index ended down 0.2% at 26,231.54, while the China Enterprises Index closed 0.2% higher at 10,132.77.
The top gainers among H-shares were CSPC Pharmaceutical Group Ltd up 11.42%, followed by ANTA Sports Products Ltd, gaining 4.87% and Sinopharm Group Co Ltd, up by 3.31%. The three biggest H-shares percentage decliners were Country Garden Holdings Co Ltd, which was down 1.80%, CITIC Ltd, which fell 1.19% and PICC Property and Casualty Co Ltd, down by 1.12%.
China lowered its new lending reference rate slightly on Tuesday, as expected, as the country's central bank kicked off new interest rate reforms designed to lower corporate borrowing costs. Analysts and investors say the reforms are an official attempt to lower financing costs in the world's second-largest economy, which has faced continued pressure from weakening demand at home and an extended trade war with the United States.
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