Hong Kong stocks head for longest losing streak in 2 months as Trump trade kicks in

The Hang Seng Index fell 0.6 per cent to 19,725.49 as of 11.

19am local time, extending a 5.3 per cent loss over the past three days. The Hang Seng Tech Index dropped 0.



9 per cent. China benchmarks fared better. The CSI 300 Index climbed 0.

3 per cent, and the Shanghai Composite Index added 0.2 per cent. Biopharmaceutical firm Wuxi AppTec and affiliate Wuxi Biology led the pack of decliners.

Investors are also gearing up for a slew of earnings releases by bellwether companies Tencent Holdings and Meituan this week. The Hang Seng Index closed below the 20,000-point mark for the first time since September 26 on Tuesday as investors shifted to a defensive mode after the disappointing outcome of China’s legislative meeting last week. The legislature’s standing committee only approved bond issuances to address local-debt issues, deflating expectations of measures to boost consumption and employment.

“The current weakness seen in the Hong Kong stock market has been attributed to the lack of details of the promised fiscal stimulus measures from China to negate the ongoing deflationary spiral,” said Kelvin Wong, an analyst at Oanda. “Financial market participants have started to lose confidence, and patience in the timing and willingness of China’s top policymakers to enact ‘whatever it takes’ bazooka-like fiscal stimulus measures to jump-start consumer confidence and spending.”.