Alibaba, NIO Lead Sell-off As US Banking Crisis Infects Hong Kong Stocks Before Likely Rate Increase

South China Morning Post2023-05-03

US equities slumped overnight amid steep losses in regional bank stocks after regulators seized First Republic BankThe Federal Reserve is widely expected to raise its target rate again later today in ...

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miker9110
2023-05-03
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Photo: ReutersHong Kong stocks tumbled to a one-week low as renewed concerns about bank failures in the US infected local market sentiment. Investors dumped riskier assets in the region before another likely interest-rate increase in the US and at home.The Hang Seng Index lost 1.6 per cent to 19,615.28 at 10.35am local time, as all 11 members in the finance gauge weakened. The Tech Index slumped 2.3 per cent to the lowest in seven weeks. Financial markets in mainland China are closed through Wednesday for the May Day holiday.Alibaba Group plunged 2.5 per cent to HK$80.25 while Tencent slid 2 per cent to HK$338.80. Chip maker SMIC declined 3.3 per cent to HK$21.75 while developer Country Garden slumped 3 per cent to HK$1.92. HSBC led banks lower, losing 0.9 per cent to HK$58.15 while ICBC fell 1.2 per cent to HK$4.15. 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