The Hang Seng plunged 388 points, or 2.0%, to close at 19,436 on Thursday, marking its fifth session of declines and hitting a seven-week low amid sharp declines across all sectors. It was the first time the Hang Seng remained fully open despite the bad weather, with many participants reluctant to enter any trades. Traders shrugged off China's latest efforts to reverse a property slump through tax incentives on home and land transactions.
Concerns about Sino-U.S. tensions also grew as China tightened its grip on rare earth exports. The technology index slumped about 3%, taking its losses from an October high to 20%, with JD.com and Xiaomi Corp among the top contributors, reflecting rising geopolitical risks and caution over earnings. Limiting the decline was a slight rise in U.S. futures after inflation data matched expectations. Longfor Group plunged 7.4%, followed by China Resources Land (-4.2%), China Overseas Land (-3.5%), and Semicon Manufacturing (-2.4%).
Source: Trading Economics
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