Hong Kong Stocks Near 2-Month Lows as Absence of Policy Support Makes Investors Edgy

South China Morning Post06-24

Hong Kong stocks dropped to their lowest levels in almost two months, as the lack of fresh supportive measures and lacklustre economic data made investors jittery.The Hang Seng Index fell 1.1 per cent...

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The Hang Seng Tech Index also dropped 1.8 per cent and the Shanghai Composite Index retreated 0.8 per cent.In the latest negative sign for the world’s second largest economy, foreign direct investment dropped 28.2 per cent in the January-to-May period from a year ago, accelerating from a 27.9 per cent decline in the previous four months, according to the official data release on Friday night.Concerns about the geopolitical tensions still lingered even as China and the European Union agreed to start talks on the imposition of the tariffs on Chinese electric vehicles.Hotpot chain restaurant operator Haidilao International Holding slumped 4.4%. Meituan fell 2.2% and Alibaba Group Holding shed 1%.“There’s no catalyst now and valuations are fair,” said Wang Xueheng, an analyst at Guosen Securities. “We recommend investors not take any action for now. 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