Hong Kong Stocks Down 0.41% By Lunch

Hong Kong stocks slipped 0.41 percent in the morning session Wednesday, in line with a sell-off in Shanghai as better-than-forecast Chinese growth data reduced the chances Beijing will unveil fresh measures to boost the economy.

The benchmark Hang Seng index dipped 102.19 points to 25,018.72 by the break on turnover of HK$ 54.14 billion (US$ 6.99 billion).

Source : AFP

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Hong Kong Stocks Close 0.41% Lower

Hong Kong shares retreated 0.41 percent Tuesday, tracking losses in Shanghai and as profit-takers moved in after surging in the previous three sessions in reaction to Chinese moves to prevent a mainland equity rout becoming a crash.

The benchmark Hang Seng Index lost 103.10 points to 25,120.91 on turnover of HK$ 126.18 billion (US$ 16.27 billion).

 

The HSI had rallied more than seven percent in the previous three sessions after Beijing launched a series of initiatives to staunch a bloodletting that saw a 30 percent plunge in Shanghai and trillions wiped off valuations.

 

Among the measures were a police crackdown on short-selling and a ban on big shareholders and company executives from selling stock for six months, adding to earlier announcements.

 

Adding to buying sentiment Monday was Greece’s bailout agreement with creditors that kept it in the eurozone, bringing an end to a crisis that had unsettled global markets since it began in January.

 

However, traders cashed in Tuesday in line with a sell-off in Shanghai, which lost 1.16 percent, or 45.90 points to end at 3,924.49 — having surged 13 percent in the past three days.

 

Attention is now turning to the release on Wednesday of China’s second-quarter gross domestic product (GDP) data. Growth probably slowed in the second quarter to 6.9 percent, according to an AFP survey, down from 7.0 percent in the first three months.

 

Source: AFP

 

 

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