The Hang Seng Index plunged 454 points, or 1.7%, on Tuesday (November 18th), its sharpest one-day drop since mid-October, and closed at a two-week low of 25,930. The index fell for a third straight session, weighed down by broad declines across sectors.
Sentiment soured due to the global market slump, with traders anxiously awaiting Nvidia's earnings report amid valuation concerns and the delayed release of US data, including the September employment report. Technology stocks slumped nearly 2% as the recent rally showed signs of exhaustion. Property, financial, and consumer discretionary stocks also posted sharp losses, driven by caution ahead of China's monthly lending rate decision.
Geopolitical risks further soured investor sentiment after China warned against travel to Japan and opted not to hold a leaders' meeting during the upcoming G20 summit. XPeng plunged 10.9% after a slight miss on vehicle margins and weak Q4 guidance, China Hongqiao plunged 6.4% on discounted stock sales, and Zhejiang Leapmotor fell 4.7% despite nearly doubling its Q3 revenue. (alg)
Source: Trading Economics
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