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Hong Kong: Shares close down, many investors stay on sidelines
[HONG KONG] Hong Kong shares weakened on Wednesday, weighed down by sluggish global markets and investor caution ahead of an expected US rate hike next week.
The Hang Seng index fell 0.5 per cent, to 21,803.76, while the China Enterprises Index lost 1.1 per cent, to 9,558.76 points.
China Investment Securities (HK) said in a note to clients on Wednesday that many investors are staying on the sidelines amid a slew of weak economic data from China, and ahead of next week's rate decision by the US Federal Reserve. "If upcoming economic data from China remains poor, the Hang Seng may decline further, testing the 21,500 level," the brokerage said.
Nearly all major sectors were down on Wednesday.
But shares of Chinese automakers, including Dongfeng Motor, Great Wall Motor, Geely Automobile Holdings and BYD Co surged, after Citi said November wholesale of China passenger vehicles jumped 24 per cent from a year earlier to a record high.