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    • Hong Kong shares hit a 7-week low after the typhoon’s first trading session
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    Hong Kong shares hit a 7-week low after the typhoon’s first trading session

    Online Niel Posted on

    Hong Kong stocks fell to a seven-week low before a flurry of earnings cards from major companies as the city’s financial markets opened for business under typhoon conditions for the first time.

    The Hang Seng index fell 0.7 percent to 19,681.08 at 11:20 a.m. local time, heading for its lowest close since Sept. 25 in a five-day losing streak. The Hang Seng Tech Index fell 1.2%.

    The session marked the first time Hong Kong’s stock market remained operational in severe weather since the city in September abandoned a decades-old practice of stopping trade during typhoons and torrential rains. The authorities issued typhoon signal no. 8, the third highest, on Wednesday as Typhoon Toraji headed towards the city. The signal was lowered at 10:20 a.m. Thursday as the storm weakened, with authorities saying schools would reopen in the afternoon.

    Continental benchmarks also fell. The CSI 300 and Shanghai Composite Index both fell 0.5%.

    Chinese developer Longfor Group led a decline in the housing sector as Beijing announced a tax reduction for home purchases it was well awaited by investors. E-commerce giant JD.com fell ahead of its earnings release later on Thursday. Tencent Holdings has grown better than expected earnings.

    Sentiment on shares in Hong Kong and China took a beating after China failed to introduce market-anticipated fiscal stimulus, with the legislature only approving debt sales to fix problems with hidden local government debt last week. Donald Trump’s victory in the US presidential election added to doomsday sentiment as the president-elect threatened a 60% tariff on all Chinese imports. The Hang Seng index has fallen 15% since its peak on October 7.

    Online Niel
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