Hong Kong Shares Fall, Weighed by Consumer, Pharma Stocks -- Market Talk

Dow Jones10-14

0146 GMT - Hong Kong's Hang Seng Index falls 0.3% to 21196.29, weighed by consumer and pharma stocks. The announcement by China's Finance Ministry over the weekend focused on property market and local government debt issues, and signaled that there is a "large room for increasing the fiscal deficit," but lacked specifics about the fiscal stimulus, and markets may be impatient for a quick headline number and resolution, ING economists write in a note. Still, signals remain positive and more will likely be announced in coming months, they add. ANTA Sports Products falls 7.7%, CSPC Pharmaceutical Group is 6.4% lower and Chow Tai Fook Jewellery Group loses 6.0%. Among winners, China Overseas Land & Investment gains 8.1%, China Resources Land is 5.6% higher and ICBC gains 3.6%. (kimberley.kao@wsj.com)

(END) Dow Jones Newswires

October 13, 2024 21:46 ET (01:46 GMT)

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The announcement by China's Finance Ministry over the weekend focused on property market and local government debt issues, and signaled that there is a \"large room for increasing the fiscal deficit,\" but lacked specifics about the fiscal stimulus, and markets may be impatient for a quick headline number and resolution, ING economists write in a note. Still, signals remain positive and more will likely be announced in coming months, they add. ANTA Sports Products falls 7.7%, CSPC Pharmaceutical Group is 6.4% lower and Chow Tai Fook Jewellery Group loses 6.0%. Among winners, China Overseas Land & Investment gains 8.1%, China Resources Land is 5.6% higher and ICBC gains 3.6%. 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