The Hang Seng Index fell 17 points, or 0.1%, to close at 25,935 on Wednesday (November 5), marking its second session of decline after Wall Street plunged on valuation concerns on Tuesday. Technology and property stocks led the decline, amid caution ahead of key Chinese data, including October trade figures on Friday and the inflation release on Sunday.
Meanwhile, a private survey showed China's services sector grew at its slowest pace in three months in October, due to weak foreign demand and continued layoffs. However, the market pared initial losses after Premier Li Qiang's statement, which projected the Chinese economy would surpass CNY 170 trillion within five years.
Beijing also announced a one-year suspension of additional 24% tariffs on US goods and the elimination of duties of up to 15% on certain US agricultural imports starting November 10, except for soybeans. Stocks experiencing significant declines included electric vehicle maker Chery (-3.7%), Xpeng (-1.4%), and Li Auto (-0.6%). Other laggards included Prada (-3.3%), SenseTime (-3.1%), and Sunny Optical Tech (-2.2%). (alg)
Source: Trading Economics
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