The Hang Seng Index fell 0.5 per cent to 24,357.56 at the local noon trading break on Thursday, halting a four-day 5.3 per cent rally. The Hang Seng Tech was little changed. On the mainland, the CSI 300 Index and the Shanghai Composite Index both slipped 0.1 per cent.
Sun Hung Kai Properties tumbled 2.4 per cent to HK$90.75 while peers Henderson Land lost 2.6 per cent to HK$28 and CK Asset Holdings lost 2 per cent to HK$34.85. Bank of China (Hong Kong) slipped 0.6 per cent to HK$4.73 and ICBC fell 0.3 per cent to HK$6.43.
The HKMA move “would push up the Hibor rates across the board and that would cause pressure on Hong Kong’s stocks,” said Zhang Jiqiang, an analyst at Huatai Securities in Beijing. “Historically, the impact is limited over a longer horizon.”
