SHANGHAI, Nov 28 (Reuters) - Hong Kong stocks fell on Tuesday and China shares were rangebound amid a sluggish economic recovery and weak investor sentiment.
Hong Kong's Hang Seng Index lost 0.6%, and the Hang Seng China Enterprises Index declined 0.7% by the midday recess.
The blue-chip CSI 300 Index remained flat, and the Shanghai Composite Index edged up 0.1%.
Other Asian stocks edged higher, while the dollar was at a three-month low as investors remained convinced that the U.S. Federal Reserve was done with its rate-hike cycle and looked ahead to a crucial inflation report later this week.
"Recent China economic data are still relatively sluggish and do not resonate with the Fed's slowdown in interest rate hikes," said Li Yanzheng, fund manager at Fortune & Royal Asset. "So the market struggles, as the big-cap stocks remained weak while small stocks outperformed."
Shares on the Beijing Stock Exchange, which focuses on China's innovative small companies, dropped 3.2% after surging 11.4% on Monday amid frenzied bets.
The bourse vowed to strengthen regulation and maintain a normal trading order on Monday after shares on the exchange rallied more than 50% since a recent low in October.
Data showed Chinese industrial firms' profits grew at a slower pace. Investors are still concerned about China's weakening property sector and related sectors.
China's central bank said it would fend off systemic risks to the economy and use forceful and targeted monetary policy to better support domestic demand.
In mainland markets, healthcare shares and automobiles rose 1.7% each.
Hong Kong-listed tech giants slipped 0.3%, with food-delivery giant Meituan down 3.3% ahead of earning results later on the day.
(Reporting by Shanghai Newsroom; Editing by Rashmi Aich)
Sumber : Reuters
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