JD.Com, Longfor Tumble As Hong Kong Stocks Slide With Beijing Showing Poor Urgency to Arrest Weakening Growth

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JD.Com, Longfor Tumble As Hong Kong Stocks Slide With Beijing Showing Poor Urgency to Arrest Weakening Growth

South China Morning Post2023-07-18

Some Wall Street banks trim their GDP forecasts after growth last quarter trailed market consensusBeijing has refrained from unleashing big stimulus measures amid concerns about debt, fiscal ...

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Ong CS
·2023-07-18
Wall Street funds got a habit of telling the government how to do their way, as if they own the world.
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Photo: ReutersHong Kong stocks fell as China showed no urgency in reflating the economy with growth lagging market expectations, prompting some Wall Street banks to lower their targets again.The Hang Seng Index slid 1.6 per cent to 19,101.26 as of 10.30am local time, from Friday’s level. Stocks and futures were halted on Monday on typhoon warning. The Tech Index declined 1.6 per cent while the Shanghai Composite Index slipped 0.5 per cent.Alibaba Group declined 2.8 per cent to HK$90.35, e-commerce rival JD.com slumped 3.9 per cent to HK$144.70, and Tencent dropped 2.7 per cent to HK$343.20. Property developer Longfor sank 6.4 per cent to HK$16.06 and peer Country Garden tumbled 4.7 per cent to HK$1.43. Macau casino operator Sands China weakened 0.7 per cent to HK$28.60 and peer Galaxy Entertainment lost 1.3 per cent to HK$53.75.China’s GDP grew at an annual pace of 6.3 per cent last quarter, trailing consensus forecast for 7.1 per cent gain. 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