Hong Kong Stocks tumbles 1.8%

Hong Kong share market finished session steep lower on Wednesday, 29 May 2024, as traders locked in recent profits on hawkish Fed comments and due to heightened tensions concerns that global interest rates will likely stay higher for longer.

At closing bell, the benchmark Hang Seng Index stumbled 344.15 points, or 1.83%, to 18,477.01. The Hang Seng China Enterprises Index dropped 128.65 points, or 1.92%, to 6,557.48.

Shares of Lenovo Group shed 1.7% to HK$11.62 after Chinese personal-computer maker sold US$2 billion of zero-coupon convertible bonds to Saudi Arabias sovereign wealth fund to fund debt repayment. Other tech sector leaders also fell, with Meituan sinking 5.3% to HK$112.70 and Alibaba Group Holding tumbling 3.5% to HK$76.80.

 

Chinese electric-vehicle maker BYD rallied 5.3% to HK$217.60 after unveiling an upgraded technology that can power its hybrid vehicles over a longer driving range.

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