Hong Kong Market tumbles 1%

Hong Kong share market finished session down on Monday, 19 September 2022, despite the China's central bank injecting liquidity, as risk sentiments turned downbeat ahead of major central bank meetings this week.

At closing bell, the benchmark Hang Seng Index dropped 195.72 points, or 1.04%, to 18,565.97. The Hang Seng China Enterprises Index was down 82.36 points, or 1.28%, to 6,338.30.

Investors braced for a week littered with 13 central bank meetings that are certain to see borrowing costs rise across the globe and some risk of a super-sized hike in the US.

The Federal Reserve meets on Wednesday while the Bank of England (BoE) and the Swiss National Bank (SNB) will announce their monetary policy decisions on Thursday. The Bank of Japan is also meeting on Thursday.

Investors have priced in at least another 75 basis point increase in rates at the end of a 2-day Federal Open Market Committee's meeting on Wednesday, meanwhile markets split on whether the Bank of England will go by 50 or 75 basis points.

China's central bank lowered the borrowing cost of 14-day reverse repos by 10 basis points on Monday and injected 2 billion yuan ($286.54 million) through 7-day reverse repos and another 10 billion yuan through the 14-day tenor.

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