China Rally Loses Steam as Authorities Disappoint Markets; Hong Kong Stocks Plunge More Than 10%
Tiger Newspress10-08
The rally in Chinese markets lost steam on Tuesday after a briefing from the country’s National Development and Reform Commission provided few details on further stimulus.
The Hang Seng Index fell 9.6%, the Hang Seng Tech Index fell 13.6%. In terms of individual stocks, Bilibili fell 20%; Meituan fell 16%; Li Auto fell 15%; NIO, XPeng, JD.com fell 14%; Alibaba fell 10%; Tencent fell 7%.
While mainland China’s CSI 300 skyrocketed over 10% at the open Tuesday in its return from the Golden Week holiday, the index pared gains to a 5% rise later in the session.
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