Hong Kong stocks head for 2-week low on Fed rate decision and China manufacturing data
Hong Kong stocks showed signs of cracking, as the city's benchmark headed for a two-week low after the US Federal Reserve appeared resistant to an imminent interest rate cut and China's manufacturing sector shrank unexpectedly.
The Hang Seng Index fell 1.3 per cent to 24,848.13 at 10.10am local time, poised for its lowest close since July 18. The Hang Seng Tech Index dropped 0.8 per cent. On the mainland, the CSI 300 Index slid 1.1 per cent and the Shanghai Composite Index retreated 0.8 per cent.
Biotech firm
Wuxi AppTec slumped 5.3 per cent to HK$106 after unveiling a share placement plan. Gold producer Zijin Mining Group fell 4.5 per cent to HK$21.30 and China Overseas Land and Investment dropped 4 per cent to HK$13.62.
US stocks gave up most of their gains and Treasury yields edged higher after the Fed left its benchmark borrowing cost unchanged. Chair Jerome Powell said that no decision was made about easing monetary policies in September.
Meanwhile, China's official manufacturing purchasing managers' index fell to 49.3 in July from 49.7 in June, the National Bureau of Statistics said on Thursday. The reading fell short of a consensus estimate of 49.7. A reading below 50 indicates contraction.
Other major Asia-Pacific markets were mixed: Japan's Nikkei 225 climbed 0.8 per cent, South Korea's Kospi retreated 0.1 per cent and Australia's S&P/ASX 200 lost 0.3 per cent.
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