Hong Kong shares plunged 273 points, or 1.2%, to 23,438 in early trading on Thursday, marking a third straight decline and hovering near a two-week low. The selloff followed a sharp drop in U.S. stock futures after Fed Chair Powell sounded a cautious note on inflation, even as the central bank kept interest rates steady for a fourth straight meeting, as widely expected.
Geopolitical tensions also weighed on sentiment, with concerns growing over the potential for direct U.S. involvement in the Middle East. In China, the People's Bank of China will hold its monthly lending rate decision, following a record-low interest rate cut in May aimed at supporting the sluggish economy and easing risks from ongoing trade tensions with the U.S.
Losses were broad-based, with sharp declines across consumer, financial and technology stocks. Beijing's pledge to unwind the remaining consumer trade-in subsidies in a measured manner provided limited support. The slowest laggards were Smoore (-4.7%), Trip.com (-3.5%), China Hongqiao (-2.8%), and Hansoh Pharma (-2.3%).(alg)
Source: Trading Economics
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