Hong Kong: Shares slump more than 4% in early trade; China shares down
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HONG KONG’S benchmark share index returned from a 1-day holiday sharply lower on Tuesday (May 10), slumping more than 4 per cent as worries over higher interest rates and slowing economic growth sapped investor sentiment.
The Hang Seng index fell as much as 4.11 per cent in early trade, dragged lower by index heavyweights Alibaba Group, Meituan and Tencent, which slumped between 4 and 7 per cent.
In mainland share markets, the blue-chip CSI300 index was 1.5 per cent lower, dragging falls into a fourth straight day on weakness in consumer and financial firms.
China’s yuan was steady, inching up to 6.7318 per dollar, even as the central bank set its daily midpoint fixing at its weakest since Oct 30, 2020.
The offshore yuan weakened to 6.7702 per dollar from a close of 6.76 per dollar on Monday. REUTERS
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