Hong Kong Shares End Muted as US Jobs Data Boost Rate-Cut Hopes

MT Newswires Live09-05

The dip in Hong Kong stocks deescalated after a three-day losing streak following a weak US jobs report that boosted hopes of a US Federal Reserve rate cut later this month.

The Hang Seng Index fell 0.07%, or 13.04 points, to close Thursday's session at 17,444.30. The Hang Seng China Enterprises Index fell 0.46 %, or 28.44 points, to close at 6,105.54.

Investors are betting on a rate cut, boosting property developers while tech stocks have slowed down.

On the economic front, JPMorgan Chase noted that the upcoming US elections in November could escalate trade tensions with China. Additionally, the bank highlighted China's sluggish economic recovery and the lack of a strong stimulus package to boost the market.

However, consumer spending, particularly in the travel and tourism sector, is expected to increase in the upcoming Mid-Autumn festival next week. However, investors are cautious over potential volatility as pointed out by JPMorgan, which downgraded its position on Chinese equities to neutral from overweight.

In corporate news, Crown International (HKG:0727) saw its shares surge over 48% on Thursday after terminating an agreement for its unit Wonderful China Group to acquire a 75% equity stake in Zhuhai Minshi Taocifa.

Gangyu Smart Urban Services Holding (HKG:0265) canceled its 16th distribution on perpetual convertible bonds, causing its shares to close nearly 9% lower.

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