Hong Kong stocks fell towards a two-week low before reports this week that may show more signs of China’s economic slowdown. Banks slipped amid speculation they will be asked to lend more to troubled property developers, while BYD slumped on price war among Chinese EV makers.
The Hang Seng Index lost 0.2 per cent to 17,525.06 on Monday trading to reach the lowest since November 17. The Tech Index gained 0.2 per cent to overturn a drop of as much as 1.3 per cent, while the Shanghai Composite Index declined 0.3 per cent.
China’s top lender ICBC weakened 0.3 per cent to HK$3.78 and Bank of China (Hong Kong) dropped 0.9 per cent to HK$21.35, while China Merchants Bank tumbled 1.7 per cent to HK$29. Tech stocks trimmed losses, with Alibaba Group losing 0.1 per cent to HK$76.10 and Meituan declining 0.5 per cent to HK$108.60, on speculation China will unveil more measures to boost the tech sector during President Xi Jinping’s visit…
