Hong Kong stocks log sixth day of losses as Meituan slides on Douyin rivalry while Chinese developers jump as default concerns ease

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Hong Kong stocks completed a sixth day losses, the worst streak in three weeks, on concerns about China’s economic recovery. Energy companies jumped on higher crude prices while developers advanced after Country Garden Holdings pushed back more bond repayment deadlines.

The Hang Seng Index slipped 0.1 per cent to 18,009.22 on Wednesday, surrendering as much as 1 per cent gain. The benchmark has lost 4.4 per cent since September 4. The Tech Index fell 0.6 per cent while the Shanghai Composite Index retreated 0.5 per cent.

Meituan tumbled 1.4 per cent to HK$123.10 after ByteDance’s unit Douyin expanded into its food-delivery turf. Alibaba Group lost 0.9 per cent to HK$85.55, while Tencent dropped 0.6 per cent to HK$320.20 and sank 0.8 per cent to HK$123.70.

Limiting losses, oil producer CNOOC added 0.2 per cent to HK$13.14 as crude approached US$100 a barrel. Coal producer China Shenhua climbed 1.7 per cent to HK$23.75. China Resources Land advanced 0.9 per cent to HK$33.75, and peer China Overseas Land and Investment gained 0.6 per cent to HK$16.64.

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Country Garden obtained consent from bondholders to delay the maturity of six yuan-denominated notes by three years, according to industry sources. The stock, removed as a Hang Seng Index member last week, jumped 2.8 per cent to HK$1.10.

“For stocks to outperform, it requires more signs of improvement in the economy, such as whether the recovery in home sales will be sustainable or exceed expectations,” said An Qingliang, an analyst at Guorong Securities in Beijing. “The yuan’s weakness is also holding back stocks.”

The Chinese yuan fell to the lowest level against the US dollar in 16 years this month in onshore trading, prompting the central bank to warn speculators about one-way bets against it. China’s economic data for August was mixed, with exports shrinking and consumer prices rebounding from a decline.


Stocks in key regional markets weakened. Traders bet the Federal Reserve will pause at this month’s policy meeting. A government report later today may show US inflation accelerated at an annual pace of 3.6 per cent in August from 3.2 per cent in July, according to forecasts compiled by Bloomberg.

Japan’s Nikkei 225 slid 0.2 per cent, while South Korea’s Kospi declined 0.1 per cent and Australia’s S&P/ASX 200 lost 0.7 per cent.


The news is published by EMEA Tribune & SCMP210520-twitter-verified-cs-70cdee.jpg (1500×750)

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