Hong Kong stocks fell Monday and the yuan weakened against the dollar after a new lineup of China’s top regulator raised concerns that Xi Jinping would double down on ideology-driven policies at the expense of economic growth. The Hang Seng Index slumped more than 4% in early trade. Hong Kong-listed tech giants Alibaba (NYSE: BABA) Group Holding Ltd and Tencent Holdings (OTC: TCEHY) Ltd plunged more than 7% and the Hang Seng Tech Index dropped more than 5% to a record low. Hong Kong-listed Chinese developers fell more than 7%.hongkong stocks today Xi secured a precedent-breaking third term in office on Sunday, unveiling a new Politburo Standing Committee stacked with loyalists. The appointments “show China is moving from economic pragmatism to political ideology,” said Ales Koutny, emerging markets portfolio manager at Janus Henderson Investors. "The message here is clear: Zero-COVID lockdowns, shared prosperity agendas and sectoral crackdowns will not work," he said, adding that he believes these risks will limit China's annual economic growth to just 2-3%. China's gross domestic product (GDP) rose 3.9% in the July-September quarter year-on-year, official data showed on Monday, rebounding at a faster-than-expected pace but not enough to cheer investors.



The declines were more modest for mainland markets that are less vulnerable to foreign selling, which were also supported by a surge in Chinese defense-related stocks as investors bet geopolitical tensions, particularly in Taiwan, would escalate.hongkong stocks today China’s blue-chip CSI300 index fell about 2%, while the Shanghai Composite Index dropped 1%. The offshore yuan fell to 7.2790 per dollar, near a record low. The onshore yuan also fell after the People’s Bank of China set the midpoint rate at its weakest since June 1, 2020. Goldman Sachs (NYSE: GS) analysts wrote in a client note on Sunday that the lack of acknowledged market-oriented economic reformers among China’s top leaders means risk premiums for offshore Chinese equities “could remain elevated in the near term.”hongkong stocks today They added that they expect a gradual relaxation of China’s strict zero-COVID policy stance to begin in the second quarter of next year. Shares in the tourism, leisure and hotel & catering sectors, which have been battered by zero-COVID policies, also fell sharply. Hong Kong Stocks Today can continue to update the news through the GIC Journal. You will also get news and other information such as today's gold price updates, Asian stocks, forex news, and other news. Make yourself a trader at GIC by registering with a small capital starting from IDR 150,000!

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