Hong Kong stocks tumble in catch-up trade after China GDP disappoints
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Investing.com– Hong Kong’s Hang Seng index fell sharply on Tuesday, catching up with losses in its Asian peers after data showed that Chinese economic growth slowed substantially in the second quarter.
The Hang Seng index fell nearly 2% in the morning session, as trade resumed after poor weather conditions, spurred by typhoon Talim, suspended trading on Monday.
Chinese real estate firms were the worst performers on the index, with Longfor Properties Co Ltd (HK:0960) and Country Garden Services Holdings Co Ltd (HK:6098) losing 6.5% and 5.5%, respectively.
Major technology stocks also saw heavy losses after a strong run-up over the past week. Baidu Inc (HK:9888) (NASDAQ:BIDU), Alibaba Group Holding Ltd (HK:9988) (NYSE:BABA) and Tencent Holdings Ltd (HK:0700)- China’s BAT trio- lost between 1.8% and 3%, while others including Meituan (HK:3690) and Sunny Optical Technology Group (HK:2382) fell over 2% each.
Losses in Chinese stocks came after data on Monday showed that growth in China’s gross domestic product slowed substantially in the second quarter, indicating that a post-COVID economic recovery was running out of steam.
The data triggered steep losses in broader Chinese stocks as investors reassessed the prospect of a Chinese rebound this year, while losses also spilled over into other markets exposed to the country.
Losses in China’s major indexes continued on Tuesday, with the blue-chip Shanghai Shenzhen CSI 300 index down 0.5%.
Still, the weak economic readings also pushed up the possibility of more stimulus measures from Beijing. Local media reports suggested that the People’s Bank of China (PBOC) could further trim interest rates and its requirements for bank reserves in the third quarter, in an attempt to spruce up growth.
The PBOC had cut its benchmark lending rates in June, and has consistently maintained liquidity injections into the economy this year.
