Hong Kong stocks dropped to their lowest in three months on Wednesday as concerns intensified that corporate earnings may fall short of expectations, following weak performance from Chow Tai Fook Jewellery Group, and after property sector headwinds picked up on the back of recent pay cuts in the financial services sector.
The Hang Seng Index fell 0.9 per cent to 17,311.05 at the close, the lowest level since April 25. The Hang Seng Tech Index slid 1.5 per cent and the Shanghai Composite Index sank 0.5 per cent.
Jewellery retailer Chow Tai Fook tumbled more than 6 per cent after saying that retail sales fell 20 per cent in the first quarter from a year ago. Chinese electric-vehicle maker Li Auto weakened after Tesla reported earnings that trailed analysts’ consensus estimates and put off its Robotaxi event. Packaged water maker Nongfu Spring slumped after Daiwa Securities Group downgraded its rating on the stock. Meanwhile, NetEase…
