Hong Kong stocks slumped for a fourth day, dragging the benchmark index to the lowest level in five weeks. China’s top food-delivery platform operator Meituan plunged after warning about a slowdown in demand for its services.
The Hang Seng Index dropped 2.1 per cent to 16,993.44 on Wednesday, the lowest level since October 24. The index earlier fell as much as 2.7 per cent to a 12-month low. The Tech Index retreated 2.3 per cent while the Shanghai Composite Index lost 0.6 per cent.
Meituan tumbled 12 per cent to HK$90.45, a level not seen since March 2020, after the company said food delivery business will cool this quarter. Alibaba Group weakened 2.2 per cent to HK$72.70 and JD.com slid 1.6 per cent to HK$106.60 on concerns rival PDD Holdings is gaining market share at their expense. Baidu dropped 4.1 per cent to HK$115.10 while BYD slipped 3.3 per cent to HK$211.80.
“Hong Kong stocks are being severely punished, one of the worst…
