Hong Kong stocks fell, halting a three-day advance, as traders shunned riskier assets before a tight US presidential election race. Investors are concerned about the possible implications on global trade and financial markets.
The Hang Seng Index dropped 1.4 per cent to 20,722.71 at 9.45am local time, after rallying 3.4 per cent since Friday. The Tech Index slipped 1.3 per cent. The CSI 300 Index of onshore stocks climbed 0.1 per cent to approach a three-week high, while the Shanghai Composite Index added 0.1 per cent.
E-commerce platform operator Alibaba Group retreated 2.4 per cent to HK$96, while peer JD.com tumbled 3.5 per cent to HK$153. Tencent weakened 1.2 per cent to HK$422.60 and Haier Smart Home declined 3.4 per cent to HK$28.05. Ping An Insurance Group fell 1.9 per cent to HK$49.25, leading losses among financial services groups.
Limiting losses, Chinese electric-vehicle makers extended gains amid robust domestic sales. Xpeng surged 4 per cent to HK$51.70 and Li Auto added 0.8 per cent to HK$99.10. Auto distributor Zhongsheng Holdings advanced 2.9 per cent to HK$12.24.
Investors are waiting for the US election outcome, with Vice-President Kamala Harris and former president Donald Trump locked in a coin-toss race and results may take days. Analysts are concerned about potential tariffs on Chinese exports, among others, depending on who will succeed President Joe Biden.
Source : scmp.com
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