09/22/2022 01:03am EDT
SHANGHAI(Reuters) - Hong Kong stocks hit a near 11-year low on Thursday, as another big U.S. interest rate hike dampened risk appetite, but bargain hunting helped Chinese shares limit losses.
** Hong Kong equity benchmark Hang Seng dropped nearly 2% in morning trading to 18,097.58, after touching its lowest level since December, 2011.
** In mainland China, the bluechip CSI300 Index fell 0.9% to 3,870.43, while the the Shanghai Composite Index dipped 0.3% to 3,107.63.
** Asian markets broadly fell, trailing Wall Street, after the U.S. Federal Reserve delivered another 75-basis-point interest rate rise.
** "In the shorter term, risk assets are likely to underperform as the increased risk of recession is more fully discounted by markets," wrote David Chao, global market strategist, Asia Pacific (ex-Japan), Invesco.
** Stocks across growth and other vulnerable sectors fell after Hong Kong's central bank hiked rate in line with the Fed.
** The Hang Seng Tech Index lost 2.1% to hit a six-month low. Electric car makers including Xpeng Inc , Nio and Li Auto also fell sharply.
** Property shares lost 1.4%while financial shares declined 2%.
** China shares were aided by signs of bargain hunting ahead of next month's politically key Communist Party Congress.
** Chinese equity exchange-traded funds (ETFs) posted a net inflow of roughly 33 billion yuan ($4.68 billion) over the past month, the official Securities Times reported.
** Investors poured money into mainly blue-chip ETFs such as ChinaAMC China 50 ETF and Haitai-PB CSI 300 ETF , the report said.
** Bucking the trend, Shanghai's science & innovation board
** An index tracking China's defence sector jumped nearly 3% after Moscow's first wartime mobilisation since World War Two heightened geopolitical tensions. (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)
Sumber : Reuters
powered by: IPOTNEWS.COM