Hong Kong Stocks Slide as Geopolitical Angst Weighs

South China Morning Post07-19

Hong Kong stocks tumbled on Friday after investors were underwhelmed by China’s third plenum announcement, with markets now awaiting further details about fiscal reforms and steps to boost growth in ...

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The Hang Seng Tech Index dropped 1.6%. The Shanghai Composite Index fell 0.4 per cent.Property developer Longfor plunged 5.5%, while CK Holdings dropped 1% and New World Development lost 2.7%. Alibaba dropped 2.5%, while peers Baidu fell 1.4% and Tencent trimmed 0.8%.China’s four-day session, known as the third plenum, ended last night and failed to announce any major announcement aimed at promoting economic growth.“We believe more demand-side easing measures – especially on the fiscal and housing fronts – are necessary to secure the full-year ‘around 5%’ real GDP growth target, and view the July Politburo meeting as a window for more easing rhetoric and measures,” said Goldman Sachs in a report.Some felt that the announcement suggested diminished importance of markets because earlier plenums had declared a ‘decisive role’ for the market and that wording had been removed in this year’s communique.The committee vowed that China would continue to deepen reforms in all areas, including the economy, rural land, taxation, environmental protection, national security, fighting corruption, and cultural development.The Party also stressed the need to maintain market order and correct market failures, reflecting Beijing’s concerns about risks in its financial system.The communique was – as some economists expected – short and vague, with the full statement of the meeting to be released next week, said Lynn Song, Greater China chief economist at ING.Many traders will look to the Politburo meeting at the end of the month for specific policy announcements, she added.“In the end, whether or not China can successfully transition its economy to the next stage of development will depend on how effective policymakers are in achieving these long-term goals,” said Lynn Song.Meanwhile investors are also mindful of geopolitical tensions between the world’s two biggest economies. Bloomberg reported, citing data from the US Department of the Treasury, Chinese investors dumped a net US$42.6 billion worth of long-term securities consisting of Treasury, agency and corporate bonds as well as equities in May. Sales in the first five months of this year totalled US$79.7 billion, an all-time high for the January-May period, it reported.Other major Asian markets mostly fell tailing Wall Street’s tech-led, sell-off. Australia’s S&P/ASX 200 fell 1.3 per cent while South Korea’s Kospi dropped 1 per cent. 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