Hong Kong stocks fell 1.2 percent by noon on Thursday on the greater uncertainties about the United States’ interest rate cut path.
The benchmark Hang Seng Index stood at 24,477 points as of midday -- 293 points, or 1.18 percent, lower than the previous close -- with the main board turnover at HK$157.51 billion
The indicator once hit as high as 24,753 in the morning session.
The Hang Seng Tech Index dropped 1.68 percent, or 101 points, to 5,939 points, while the Hang Seng China Enterprises Index slid by 108 points, or 1.18 percent, to 9,055.
In mainland China, the Shanghai Composite Index dipped 2 points to 3,424, and the Shenzhen Component Index lost 13 points to 10,965.
This comes after the US Federal Reserve kept the interest rate unchanged as expected and its chairman Jerome Powell warned that President Donald Trump’s trade policies may lead to slower economic growth and higher inflation.
But Trump on social media later urged the Fed to cut rates "as US tariffs start to transition (ease!) their way into the economy."
Tencent (0700) lost 2.59 percent to HK$526.00 per share despite its estimate-beating fourth-quarter revenue and earnings and its promise of stepping up investments in artificial intelligence.
Ping An (2318) slid 4.34 percent to HK$49.65, even after announcing a 47 percent surge in its 2024 net profit.
STAFF REPORTER
Reuters
