NetEase, Baidu, Meituan hurt Hong Kong stocks as focus shifts to Fed chair’s speech
- Hang Seng Index closed lower after a pullback on Wall Street and disappointing earnings by Chinese blue chips, but ended the week 1 per cent higher
The Hang Seng Index fell 0.2 per cent to 17,612.10 at the close, ending the week with a gain of 1 per cent. The Tech Index retreated 1.1 per cent while the Shanghai Composite Index advanced 0.2 per cent.
The decline in Hong Kong followed the sell-off on Wall Street after top US policymakers cast doubts on the impending rate cut because of the recent mixed economic data. Fed chief Jerome Powell will deliver his remarks at the Jackson Hole symposium at 10am New York time on Friday, where he is likely to indicate his support for cutting interest rates ahead of next month’s rate decision.
Gaming firm NetEase slumped 10.3 per cent to HK$128.30, the biggest loser among the 82 blue-chip index members, after its second-quarter results missed consensus. Shipping giant Orient Overseas International tumbled 7.3 per cent to HK$106.40 after its interim earnings slumped 26 per cent year on year.
Tech stocks were generally weaker, with Chinese internet search giant Baidu shedding 4.9 per cent to HK$82.20 after reporting flat second-quarter revenue. Xiaomi dropped 1.5 per cent to HK$18.82 and food delivery platform Meituan lost 1.4 per cent to HK$107.50.
