Hong Kong’s stock benchmark fell below 20,000 for the first time since Beijing announced a large package of stimulus measures in late September. Data showed borrowing in mainland China slowed in October.
The Hang Seng Index fell 2.8 per cent to 19,846.88 at the close on Tuesday, bringing it to the lowest point since September 25 and erasing all gains from the policy-induced rally. The Tech Index dropped 4.2 per cent. The CSI 300 Index declined 1.1 per cent, and the Shanghai Composite Index fell 1.4 per cent.
Automobile dealer Zhongsheng Holding led losses, falling 9.6 per cent to HK$17.20, while aluminium producer China Hongqiao Group plunged 8.7 per cent to HK$13.02. Electric vehicle maker Li Auto lost 5.6 per cent to HK$90.25.
Alibaba fell 3.8 per cent to HK$90.55, while JD.com slid 5 per cent to HK$144.10. Later this week the e-commerce giants will share sales results from Singles’ Day – China’s busiest online shopping…
