Hong Kong stocks hit 13-year low as Alibaba, Tencent pressure index near 16,000-mark, yuan slumps on China growth worries, Fed rate outlook The Hang Seng Index slumps to the lowest level since April 2009 as tech losses put the 16,000 threshold under pressure The offshore yuan depreciates to the weakest level since August 2010 on slowdown concerns, Fed tightening bias
Added 2022-10-21 00:46:09 +0000 UTCHong Kong stocks slumped to the lowest level in more than 13 years while the offshore yuan weakened to a multi-year low amid growing concerns about China’s economic slowdown and faster rate increases in the US.
The Hang Seng Index slipped 1.4 per cent to 16,280.22 at the close of Thursday trading, a level not seen since April 2009. The Tech index fell 2.4 per cent while the Shanghai Composite closed 0.3 per cent lower. An index tracking US-listed Chinese stocks plunged overnight to a nine-year low.
Alibaba Group Holding tumbled 4.1 per cent to HK$69.75, Tencent Holdings lost 4.7 per cent to HK$232.60, JD.com weakened 4 per cent to HK$161.60 and Baidu tanked 8.5 per cent to HK$91.10. Electric-car producers Xpeng, Nio and Li Auto slid by 3.8 per cent to 5.2 per cent, after Tesla’s sales missed consensus estimates.
“It’s a panic sell we haven’t seen in years,” said Dickie Wong, executive director of research at Kingston Securities in Hong Kong. The depreciating yuan and delayed economy data in China are also spooking traders, he said.
