Hong Kong stocks closed sharply lower on Aug 14, with the Hang Seng Index falling 279.66 points, or 1.1%, to 25,116.85, as tighter liquidity, caution ahead of corporate earnings and weakness in property shares weighed on sentiment.
Selling pressure was compounded by concerns that liquidity could tighten ahead of the highly anticipated Shanghai listing of humanoid robot maker Unitree, while persistent weakness in China’s property sector kept investors cautious.
JD.com was among the major drags, sinking more than 10% in Hong Kong after reporting its first quarterly revenue decline since its 2014 listing. Second-quarter revenue fell nearly 3% year-on-year after the expiry of a Chinese government subsidy programme supporting purchases of electronics and household appliances.
The decline left Hong Kong equities under pressure heading into the weekend as investors weighed upcoming earnings against tighter market liquidity and continued concerns over the property sector.
