Hong Kong equities dipped 287 points, or 1.1%, to 26,431 in Wednesday morning trade, reversing rallies from the past three sessions as traders booked profits after the market touched a seven-week high. Broad sector weakness weighed, with tech and consumer stocks leading declines, ahead of China's December CPI and PPI data later this week and Hong Kong's forex reserves figures due today.
Losses were limited, however, after China's central bank signaled its readiness to cut rates and lower banks' reserve requirements this new year to bolster the slowing economy. The PBoC also pledged stronger counter-cyclical measures, improved credit transmission, and support for the launch of China's new five-year plan. Meanwhile, mainland shares extended their upturn, holding at decade highs amid strong optimism about AI. Early notable Hong Kong decliners included Tencent Music Entertainment (-3.9%), XPeng (-2.7%), PICC Property & Casualty (-2.6%), SMIC (-1.5%), and Trip.com (-0.9%).(asd)
Source: Newsmaker.id
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