Hong Kong stocks fell for a seventh day as strategists at Citigroup and HSBC lowered their upside targets amid worries about China’s economic recovery. Beijing cranking up cross-strait tensions ahead of a presidential election in Taiwan further weighed on sentiment.
The Hang Seng Index declined 0.6 per cent to 16,097.28 on Wednesday, adding to the 5 per cent slump in the preceding six days to post the longest losing streak since mid-August. The Tech Index slipped 0.8 per cent to a 13-month low, while the Shanghai Composite Index weakened 0.5 per cent to the lowest since May 2020.
Tencent fell 1.2 per cent to HK$280.20, Alibaba Group retreated 0.6 per cent to HK$69.30 and chip maker SMIC lost 2.2 per cent to HK$17.22. AIA Group tumbled 1.8 per cent to HK$62.45, while HSBC declined 0.9 per cent to HK$62.90. EV maker BYD fell 1.4 per cent to HK$204.60 and peer Li Auto dropped 4.4 per cent to HK$125.20.
“Stock performance appears to…
