Hong Kong stocks plunged 113 points, or 0.6%, to 19,576 during the session on Tuesday (1/7), declining for a second day. The decline was driven mainly by the consumer and technology sectors, with Tencent Holdings plunging nearly 5% after being blacklisted by the U.S., along with CATL Co., over alleged ties to the Chinese military.
The move comes just weeks before Donald Trump takes office. Limiting further losses, Wall Street posted back-to-back gains overnight, with the S&P 500 and Nasdaq gaining as technology stocks surged. Meanwhile, Reuters reported that Chinese authorities have been trying to stabilize the market earlier in the year by asking major mutual funds to buy more shares than they sell each day.
In addition, China's state economic planner is expected to hold a press conference later in the day to facilitate the formation of a large domestic market. Among the early laggards besides Tencent were Miniso Group (-5.8%), Wuxi Biologics (-4.9%), ZTO Express (-2.3%), and SenseTime Group (-1.5%). (AL)
Source: Trading Economics
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