Hong Kong Market falls 0.9%

Hong Kong share market finished lower for a second straight session on Wednesday, 08 May 2024, on tracking mixed cues from Wall Street overnight after comments from some Federal Reserve officials sparked questions over the timing of potential U.S. interest rate cuts. Meanwhile, investors also awaited for more economic signals from Asias biggest economy, with trade figures for April due on Thursday which is expected to shed light on the state of Chinas economic recovery.

At closing bell, the benchmark Hang Seng Index fell by 165.51 points, or 0.9%, to 18,313.86. The Hang Seng China Enterprises Index dropped 69.95 points, or 1.07%, to 6,456.72.

Among blue chips, e-commerce group Alibaba dropped 2.6% to HK$76.05, food delivery platform Meituan lost 1.5% to HK$113.80, Tencent weakened 0.9% to HK$362.60. Longfor tumbled 7.6% to HK$11.50, New World Developments slipped 3.1% to HK$8.63.

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