Stocks in Hong Kong and China closed the week out lower Friday as weak consumer sentiment and property market jitters resurfaced.
The Hang Seng Index ended a three-day winning streak to end down 2.2% at 17,813.45 while China’s CSI 300 Index closed 1.1% lower at 3,663.41.
Sino-Ocean Group Holding Limited (OTC: SIOLY) became the latest in a long line of Chinese property developers to default on its bond repayments after asking its creditors to wait a further two mon
Nio Inc. (NYSE: NIO) has entered the insurance business alongside competing Chinese EV manufacturers, a company registration filing shows. The news was reported Friday by Caixin, China’s largest business daily.
This year marks the year of the big China stock sell-off: both the Hang Seng Index and China’s Shanghai Composite Index are well in the red. The iShares China Large Cap ETF (ARCA: FXI) is off 8% so far in 2023.
Beata Manthey, Citigroup Inc.’s (NYSE: C) head of equity strategy, doubled down on the bank’s bullish stance for global and in particular emerging market equities Wednesday, despite almost a year-long sell-off in the sector.