Hong Kong stocks fell on Thursday, as indications that the US Federal Reserve was in no rush to slash interest rates weighed on investor sentiment.
The Hang Seng Index slid 1.6%, or 367.26 points, to end at 22,576.98. The Hang Seng China Enterprises Index retreated 1.7%, or 140.54 points, to 8,322.56.
US Fed officials are inclined toward keeping interest rates steady as they wait for further progress on inflation and clarity surrounding the new administration's economic policies.
The interest rate is likely to be kept between 4.25%-4.5%, according to the minutes of the Fed's January meeting released in Washington on Wednesday.
Compounding the downbeat mood were jitters ahead of the earnings reports of Chinese tech giants Alibaba Group, Bilibili, and NetEase. Shares of the three firms closed lower on Thursday.
In corporate news, Lenovo Group declined over 6% despite doubling its attributable profit to $693 million for the three months ended Dec. 31, 2024, from $337 million a year prior.
Source: MTN newswires
