Hong Kong Stocks Join Asia-wide Retreat
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2018-05-16 HKT 10:21
Hong Kong shares fell in the morning session on Wednesday, in line with an Asia-wide sell-off fuelled by concerns about a sharp rise in US interest rates.
The Hang Seng Index fell 0.1 percent, to 31,116 by the break.
On the mainland, the benchmark Shanghai Composite Index gave up 0.3 percent, to 3,183 while the Shenzhen Composite Index pared some of its losses, to 1,839.
Most other Asian markets tumbled as the US dollar extended gains, while geopolitical issues are also keeping investors cautious.
After enjoying a relatively purple patch over the past week, investors were put back on the back foot by solid retail sales data that pointed to a surge in inflation that could push the Federal Reserve to hike borrowing costs three more times this year.
Tokyo ended the morning session 0.4 percent lower after data showed Japan's economy contracted in January-March for the first time in two years.
Singapore shed 0.2 percent while Wellington and Manila both sank more than 1 percent. Jakarta and Taipei were also lower but Sydney rose 0.5 percent and Seoul edged up 0.1 percent.
The US dollar, which benefits from higher US rates, climbed across the board, holding above 110 yen for the first time since early February.
The greenback also surged against high-yielding currencies, with the South Korean won 0.5 percent off and Australia's dollar 0.7 percent lower.
North Korea once again moved into the spotlight after it cancelled a meeting with South Korea at the last minute, and said it won't be ditching its nuclear arms. (AFP)
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Last updated: 2018-05-16 HKT 12:46
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