Hong Kong stocks fell at the close of the market on Thursday, erasing yesterday's gain amid dampened investor sentiment as the Peopleâs Bank of China decided to leave its loan prime rates unaltered.
The Hang Seng Index lost 0.5%, or 95.1 points, at 18,335. The Hang Seng China Enterprises Index also fell 0.5%, or 31.7 points, at 6,556.
The Peopleâs Bank of Chinaâs one-year loan prime rate (LPR), which is the benchmark for most loans, and five-year LPR, which is used for mortgages, remain stagnant at 3.45% and 3.95%, respectively, a South China Morning Post report said on Thursday.
Kenny Wen, who heads investment strategy at KGI Asia, expressed his confidence in the market despite the fall in stocks as investors anticipate policy support in Hong Kong, according to the report.
In corporate news, Tianju Dihe (Suzhou) Technology (HKG:2479) launched its initial public offering in Hong Kong, seeking to raise up to HK$401.5 million from the deal. Similarly, Dida (HKG:2559) launched its initial public offering in Hong Kong that seeks to raise as much as HK$273.6 million.
Laopu Gold (HKG:6181) also launched its initial public offering in Hong Kong on Thursday, seeking to raise as much as HK$787.8 million, according to a prospectus filed with the Hong Kong bourse.
In other company news, Tern Propertiesâ (HKG:0277) shares closed 10% lower despite the property company shrinking its loss for the year ended March 31.
Beauty products retailer Sa Sa International Holdings (HKG:0178), on the other hand, saw its shares rise 8% as it recorded a boost in profit for the same period.
National United Resources Holdings (HKG:0254) saw its shares close 10% lower amid its plans to expand into the niche of international and domestic trade, storage, and transportation of natural resources, bulk commodities, and other goods.
