Hong Kong Stocks Closed Lower Before China’s Stimulus Announcement
By
Tracy Qu, Dow Jones Newswires
Hong Kong shares ended lower, with the Hang Seng Index dropping 1.1% to 20728.19.
Investors were eyeing expected announcements from Chinese officials that are anticipated to include more stimulus for the Chinese economy. After market closed, China’s top legislative body approved a 6 trillion yuan ($837 billion) plan for local government debt swaps.
Property stocks led the declines on the HSI, with Longfor Group dropping 5.8% and China Overseas Land & Investment 3.8% lower. Gainers included Xiaomi, which was 1.6% higher, and JD.com, which added 1.1%. The Hang Seng Tech Index was 0.2% higher at 4668.26.
