Hong Kong Stocks Drift Eyeing More China Policy Support; BYD Slips as Buffett Cuts Stake

South China Morning Post07-23

Hong Kong stocks meandered as investors sought clarity on Beijing’s policy support after the Third Plenum expressed confidence in meeting development and growth targets by year-end, with several ...

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The Hang Seng Tech Index slid 1.2 per cent and the Shanghai Composite Index retreated 0.6 per cent.BYD slid 3.3 per cent to HK$237.80 after data from the Hong Kong exchange showed that Warren Buffett’s Berkshire Hathaway reduced its stake in the company to below 5 per cent by offloading 1.4 million shares last week. Its affiliate BYD Electronic International slumped 4.3 per cent to HK$32.30.Hopes are high that Chinese policymakers will unveil more stimulus measures to bolster growth at least for the short term after the conclusion of a high-stakes policy meeting last week. The central bank on Monday unexpectedly cut both the near-term policy rate and the loan prime rate, underscoring Beijing’s intention to step up support.China’s central bank may cut the reserve requirement ratio by a full percentage point in coming quarters to unleash about 2 trillion yuan (US$275 billion) into the financial system and increase central-government issuance, while Beijing will also probably raise the deficit target, according to Carlos Casanova, a senior economist at UBP.Meanwhile, China approved a batch of 105 video game licences for July, according to the National Press and Publication Administration (NPPA), in signs that regulators have retracted a proposal to rein in spending on games.“The current batch of domestic game approval in July consists of 105 games, in line with the 104 domestic games approved in June and with the 2024 monthly domestic game approval average of 105 games,” said Citigroup analysts in a note. “This reinforces our confidence for a regular/monthly approval of domestic games for rest of the year, further supporting our 1,200-1,400 game approval forecast for 2024.”Other major Asian markets traded higher. 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