Alibaba, Tencent Weigh on Hong Kong Stocks as Traders Search for Clues About Fed Rate Cut

South China Morning Post08-20

Hong Kong stocks fell on Tuesday as investors await developments on the US interest rate front after China left its key lending rates unchanged.The Hang Seng Index declined 0.3 per cent to 17,518.85 ...

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The Tech Index fell 0.3 per cent.Personal hygiene products maker Hengan International tumbled 5.9 per cent to HK$24.05, while China Resources Beer shed 5.4 per cent to HK$22.7 after their earnings trailed analysts’ projections.Some tech giants also gave up some of their gains from the previous session. Xiaomi dropped 0.8 per cent to HK$17.48, Alibaba fell 1 per cent to HK$80.55 and Tencent declined 0.3 per cent to HK$371.4.The market is lacking direction because investors are looking for clues about the Federal Reserve’s rate cut from the Jackson Hole meeting, said Kenny Wen, head of investment strategy at KGI Asia. “Without new catalysts, the Hang Seng Index faces resistance, while some investors are choosing to lock in profit,” he added.The People’s Bank of China on Tuesday left untouched the one-year loan prime rate (LPR), which is used to price most new and outstanding loans, at 3.35 per cent. 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