Hong Kong stocks slumped to the lowest in more than 14 months after a government report on growth in China’s economy trailed market consensus and home prices slipped. Fund managers are trimming their allocations on Chinese companies, with policymakers hobbled by inadequate monetary stimulus.
The Hang Seng Index sank 3.7 per cent to 15,276.90 on Wednesday, the lowest since October 2022. Today’s drop is also the steepest one-day pullback in 15 months. The Tech Index tumbled 5 per cent while the Shanghai Composite Index retreated 2.1 per cent.
Alibaba Group fell 4 per cent to HK$65.65 and peer JD.com slipped 6.1 per cent to HK$87.75, while Tencent slid 2.8 per cent to HK$274.60. HSBC led financials lower, losing 2 per cent to HK$57.95, while AIA Group plunged 4.7 per cent to HK$59.60 and ICBC fell 2.5 per cent to HK$3.55.
Longfor Group plummeted 6.8 per cent to HK$8.86, and peer China Resources Land slid 4.3 per cent to HK$23.15…
