Radiocor News

Hong Kong shares drop to lowest level in more than a month

Hang Seng down 1.04% at 18,176 points (Il Sole 24 Ore Radiocor) - Hong Kong, 11 Jun - Hong Kong shares ended lower, falling to the lowest level in more than a month amid mixed Asian markets as trade resumed in the city after the Dragon Boat Festival holiday.

Investors awaited a Federal Reserve policy decision tomorrow, with the US central bank expected to keep rates steady and offer more cues its future rate path.

Traders also continued to weigh mixed economic data coming out of China, with fresh figures showing that domestic tourism spending rose 8.1% year-on-year during the extended weekend, but momentum weakened compared to other recent short holidays.

In Hong Kong stock market dealings technology shares slid, with the Hang Seng Tech Index down 0.45%.

Electric vehicle makers dropped on geopolitical risks as investors awaited the European Commission's decision of provisional duties, expected this week.

Citi analysts said yesterday the tariff rate could be 'hiked to ~25-30% from 10% currently, while our risk scenario (40% probability) envisages a hike in the tariff rate to 30-50%.' The Hang Seng index closed down 1.04% at 18,176 points.

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(RADIOCOR) 11-06-24 11:53:06 (0268) 5 NNNN

 


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