Hong Kong: Shares slip as investors fear a US rate hike is coming
[HONG KONG] Hong Kong stocks closed at the lowest level in 2-1/2 months on Thursday, joining most Asian markets in sliding on the growing possibility of another US rate hike soon.
The Hang Seng index fell 0.7 per cent, to 19,694.33, the lowest close since March 1. The China Enterprises Index lost 0.7 per cent, to 8,243.20 points.
Investors, already worried about China's economic health, became more cautious as minutes from the last Federal Reserve meeting showed central bank officials felt the US economy could be ready for that in June.
The prospects of further US monetary tightening "would certainly exert pressure on the stock market," said Alex Fan, strategist at GF Holdings (Hong Kong) Corp.
Almost all main sectors fell, with energy shares leading the decline.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade
Israel hits back, markets react; STI down 0.4%
Oil jumps, equities fall as Iran blasts fan Middle East tensions
Tokyo: Nikkei index tumbles 3% in morning trade
Singapore shares open higher on Friday; STI up 0.2%