Hong Kong Stocks Extend Two-Week Slide

South China Morning Post01-15

Hong Kong stocks dropped, adding to two weeks of losses, after China’s central bank kept a key policy lending rate unchanged for a fifth straight month, killing bets among some economists on policy ...

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zbarney
01-16
zbarney
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The Tech Index slumped 1.9 per cent and the Shanghai Composite Index retreated 0.2 per cent.Search engine provider Baidu slumped 9.15 per cent to HK$103.20 and sportswear maker Li Ning tumbled 3.9 per cent to HK$17.26. Alibaba Group dropped 0.35 per cent to HK$70.3 and e-commerce peer JD.com slipped 1.27 per cent to HK$97.05.The People’s Bank of China maintained its one-year policy rate on medium-term lending facilities at 2.5 per cent today, against market hopes for a cut similar to a surprise move in August. The central bank, however, injected 216 billion yuan (US$30.2 billion) into the system via the facility.The city’s benchmark has dropped 4.7 per cent in the first two weeks of trading, marking the worst start to a year since 2016 when the benchmark fell 10 per cent over the same period. Government reports last week showed consumer prices in mainland China fell for a third month in December. 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