Hong Kong Stocks End With Deep Losses

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2019-07-22 HKT 16:39

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  • Stocks in Hong Kong and across Asia sank on dimming hopes of a deep interest rate cut. Photo: RTHK

    Stocks in Hong Kong and across Asia sank on dimming hopes of a deep interest rate cut. Photo: RTHK

Hong Kong shares sank on Monday following recent gains as hopes faded for a big cut in Federal Reserve interest rates.

The Hang Seng Index fell 1.4 percent, or 394 points to 28,371.

Markets across Asia were also in retreat on the dimming hopes of a deep interest rate cut, but all the firms on a new tech-focused board in China rallied on its opening day.

The benchmark Shanghai Composite Index lost 1.3 percent, or 37 points, to 2,886, while the Shenzhen Composite Index, which tracks stocks on the mainland's second exchange, closed 1.8 percent, or 27 points, down at 1,532.

Twenty-five stocks debuted on the Shanghai Stock Exchange's Sci-Tech Innovation Board – dubbed the STAR Market – in which listing and trading rules have been eased to help channel funding to start-ups.

Anji Microelectronics Technology (Shanghai) Co. was one of the stand-out performers, soaring more than 500 percent at one point before paring gains to end up 400 percent.

There will be no limits on price movements for the first five days of trading, after which a daily 20 percent band is imposed. China's main exchanges are subject to a 10 percent band to contain volatility.

Tokyo ended 0.2 percent lower. Sydney, Seoul, Singapore, Manila and Jakarta were also lower, though Wellington and Taipei edged up. (AFP)