Hong Kong stocks fall 1.3% due to rising US Treasury yields and China property concerns

From South China Morning Post: 2024-05-30 04:32:23

Hong Kong stocks fell 1.3% as rising US Treasury yields and concerns about China’s property market dampened investor sentiment. The Hang Seng Index closed at 18,230.19, while the Hang Seng Tech Index dropped 0.3% and the Shanghai Composite Index slipped 0.6%.

Tepid investor demand at a US Treasury auction drove up bond yields, reducing the appeal of equities. Japan’s Nikkei 225 slid 1.3%, South Korea’s Kospi retreated 1.6%, and Australia’s S&P/ASX 200 lost 0.5%.

Investors are now tracking relaxation measures in China’s property market after first-tier cities removed curbs on house purchases. Earnings are a key factor driving market sentiment for Hong Kong-listed companies. Gold producer Zijin Mining Group tumbled 5.5%, while Longfor Group Holdings and China Resources Land dropped.

Semiconductor Manufacturing International Corp climbed 4.9%, driven by China’s launch of a state chip fund. Earnings for Chinese companies are improving, with margins driving the recovery. Investor focus remains on China’s official PMI for the manufacturing industry, expected at 50.5 in May.

Jiangsu Wanda Special Bearing jumped over 200% on its trading debut in Beijing.



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