Oct 3 2024, 10:12
Hong Kong shares fell as investors hit pause on the Chinese equity rally, while Japanese stocks advanced after fresh weakness in the yen.
A gauge of Hong Kong-listed Chinese companies dropped as much as 3.8%, halting a 13-day rally that was fueled by optimism over measures to stimulate the economy. Hong Kong’s Hang Seng fell 2.9%. Stocks in Australia were flat as were US equity futures after benchmarks closed little changed Wednesday. Equities in Mainland China and South Korean are shut for holidays. Oil gained for a third day amid tensions in the Middle East.
“Clients are still questioning the effectiveness of Beijing’s stimulus measures,” said Sonija Li, an analyst at MIB Securities Hong Kong Ltd. “After the recent rally, now people are asking how much upside there remains. Surprisingly, there’s not much interest in the China property sector.”
Source: Bloomberg
