Hong Kong stocks fell for a third day to a six-week low on concerns a robust US labour market will restrain the Federal Reserve from more interest-rate cuts this year, while China struggles to end sticky deflation in the economy.
The Hang Seng Index slipped 0.9 per cent to 19,279.84 on Wednesday, a level not seen since November 26. The benchmark has surrendered most of the 26 per cent rally driven by Beijing’s stimulus blitz on September 24. The Tech Index tumbled 1.1 per cent while the Shanghai Composite Index rose less than 0.1 per cent.
Smartphone and car maker Xiaomi slumped 4 per cent to HK$32.80 and China Shenhua Energy fell 2.8 per cent to HK$31.45, while Techtronic sank 4.7 per cent to HK$96.80. Tencent tumbled 2.7 per cent to HK$369.20, adding to a 7.3 per cent loss on Tuesday after being designated with dozens of firms as “Chinese military companies operating in the US.”
A US government report on Tuesday showed job…
