Hong Kong stocks trade close to 2-month low, New World drops on Hang Seng removal

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Turnover on the city’s stock market was about 5 per cent lower than the 30-day average

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People passed a bank in Hong Kong. Photo: Agence France Presse

Zhang Shidongin Shanghai

Published: 10:29am, 25 Nov 2024Updated: 4:36pm, 25 Nov 2024

Hong Kong stocks hovered around a two-month low in light trading as investors stayed on the sidelines due to a dearth of trading triggers, while property developer New World Development fell ahead of its removal from the Hang Seng Index.

The Hang Seng Index dropped 0.4 per cent to 19,150.99 at the close, extending a 1 per cent decline last week. The benchmark finished at its lowest point since September 25. The Hang Seng Tech Index lost 0.3 per cent.

Turnover on the city’s stock market was about 5 per cent lower than the 30-day average, according to Bloomberg data.

Mainland benchmarks also inched lower: the CSI 300 Index fell 0.5 per cent and the Shanghai Composite Index slipped 0.1 per cent.

Tech firms JD.com and Meituan retreated after China moved to rectify problems with the recommendation algorithms of online platforms.

The Hong Kong market’s recent rally has run out of steam after China’s fiscal stimulus disappointed investors who are also worried about higher tariffs from the US. Readouts from recent earnings reports show listed companies are still grappling with weak domestic demand in China as well as lingering property woes. Through Friday, the Hang Seng Index was down 17 per cent from this year’s high, set in October.