Hong Kong stocks fluctuate as casino, property sectors weigh as traders bets on rate cuts

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Signs of easing from China’s central bank lifted the mood as traders waited for economic data, earnings reports this week

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Stock price movements are seen on screens at a securities brokerage in Shanghai in September 2021. Photo: AFP

Jiaxing Li

Published: 10:23am, 12 Aug 2024Updated: 5:32pm, 12 Aug 2024

Hong Kong stocks fluctuated near a three-month low before key economic and earnings reports this week, while markets in the Asia-Pacific region recovered from last week’s sell-off. Casino operators tumbled after local authorities vowed to tighten oversight of the industry.

The Hang Seng Index gained 0.1 per cent to 17,111.65 on Monday, after losing as much as 0.5 per cent in earlier trading session. The Tech Index declined 0.2 per cent, while the Shanghai Composite Index lost 0.1 per cent.

Tencent jumped 1.4 per cent to HK$375 and Alibaba Group Holding added 0.8 per cent to HK$78.45 before their second-quarter report cards later this week. Wuxi Biologics jumped 3.7 per cent to HK$11.78 and Wuxi Apptec advanced 1.4 per cent to HK$35.15.

Limiting gains, Galaxy Entertainment tumbled 4.4 per cent to HK$29.45 and peer Sands China lost 2.7 per cent to HK$13.56, after local authorities vowed to crack down on unlicensed money exchange for gambling.

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Hong Kong developers also dragged down the market. Sun Hung Kai Properties lost 1.9 per cent to HK$71.55 and New World Development slipped 2.7 per cent to HK$7.24, after analysts said new project launches could continue weighing down home prices.