Hong Kong stocks fell significantly as the market reacts to news of Chinese Premier Xi Jinping and his possible cabinet lineup, the Han Seng fell 6% its biggest drop since April 2009 which was during the Asian Financial Crisis.
The Hang Seng Tech index plunged 9%, JP Morgan Asset Management APAC chief market strategist told CNBC, several factors have been driving the Hong Kong markets recently including the higher US Treasury yields.
Investors may also have expected policy measures announced during the CPC’s 20th National Congressional Meeting, however, the event concluded mostly on personal changes with economic recovery not being on the agenda at this moment.
The Hang Seng closed at 15,180.69, while the Shanghai Composite dipped 2.02% to 2,977.56. As for the rest of the region, both Nikkei and Australia S&P/ASX climbed marginally. KLSE and Singapore SGX were closed for Deepavali.
