The Hang Seng dipped 190 points or 1.0% to close at 18,874 on Monday, marking its sixth session of declines amid a marked fall in US futures, as a strong US payrolls report pushed up bond yields and reduced hopes for further interest rate cuts.
The index fell to its lowest in nearly four months, with widespread losses across sectors following the third straight fall in mainland markets, which edged closer to a bear market. However, the index pared some of its earlier losses after PBoC Governor Pan Gongsheng said China would promote consumption in the economy. He also mentioned that the central bank would use various tools such as interest rates and the RRR to support market liquidity.
On the trade front, China's export growth quickened in Dec., while imports unexpectedly rose, as the economy braced for growing trade risks with the incoming US administration. Notable losers included Miniso Group (-5.0%), BYD Electronic Intl. (-4.9%), J&T Global Express (-4.6%) and Galaxy Ent. (-2.3%).
Source: Trading Economics
