Hong Kong Stocks Plunge on No Additional Stimulus; Zhejiang Taimei Medical Technology's Shares Sink 29% in Debut

MT Newswires Live10-08

Hong Kong stocks dropped at Tuesday's close, breaking their winning streak as investor optimism waned after China's leading economic planner failed to introduce further stimulus measures.

The Hang Seng Index shed 9.41%, or 2,172.99 points, at 20,926.79. The Hang Seng China Enterprises index lost 10.17%, or 847.18 points, at 7,483.67.

Investors, who were hoping for the announcement of further enhanced economic support policies at The National Development and Reform Commission's press conference on Tuesday, were left disappointed, according to an SCMP report.

Top market leaders, such as e-commerce giant Alibaba (HKG:9988), tech firm Tencent Holdings (HKG:0700), and e-comm operator JD.com (HKG:9618), dipped 9%, 8%, and 12%, respectively.

Analyst Ding Shuang, who is the chief economist for Greater China and North Asia at Standard Chartered (HKG:2888), remains hopeful for further stimulus measures at the end of October, despite the red light today, a separate SCMP report said.

The Hang Seng Index had, on Monday, reached a 32-month high on the basis of China's stimulus package that sent investors on a buying frenzy.

In corporate news, medical technology firm Zhejiang Taimei Medical Technology (HKG:2576) made a weak trading debut on the Hong Kong bourse today, closing day's trade at HK$9.2 per share, down 29% from its IPO price of HK$13 per share.

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