Hong Kong Stocks Track Wall Street Losses; Horizon Robotics Gains Nearly 3% in Debut

MT Newswires Live10-24

Hong Kong stocks closed lower on Thursday, tracking overnight losses on Wall Street, amid lower expectations for interest rate cuts by the US Federal Reserve.

The Hang Seng Index declined 1.3%, or 270.53 points, to finish at 20,489.62. The Hang Seng China Enterprises index lost 1.59%, or 119.09 points, at 7,359.14.

Sentiment soured as expectations of further US Fed rate reductions dwindled. Traders are pricing in a 69% chance the Fed is on track to lower rates two more times this year, but odds for a cut in January have fallen to 45%, down from 66% a week ago, according to the CME FedWatch tool.

Compounding the downbeat mood was the International Monetary Fund's reduction of its projection for China's 2024 GDP growth to 4.8% from 5%.

In corporate news, Horizon Robotics (HKG:9660) gained on its trading debut as autonomous driving solutions provider closed at HK$4.1 per share, up 2.8% from its IPO price of HK$3.99.

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