Home > HK
Monday, October 31, 2016, 16:42

Stocks snap 3-month winning streak on worries over

By Reuters

SHANGHAI - Hong Kong's benchmark index ended little changed on Monday, but fell 1.6 percent in October, snapping a three-month rising streak and suggesting a strong rally since February is losing steam.

The Hang Seng index fell 0.1 percent to 22,934.54 points, while the China Enterprises Index gained 0.5 percent to 9,559.39.

Investors' risk appetite is being curbed by expectations of a U.S. interest rate hike in December, and by growing uncertainty around the U.S. presidential election.

Democrat Hillary Clinton had opened a recent lead over her unpredictable Republican rival Donald Trump in national polls, but it had been narrowing even before an email controversy surrounding Clinton resurfaced on Friday.

Traders say a Trump victory risks triggering a sell-off in global markets as he is seen as prone to trade protectionism.

Sentiment in Hong Kong was also hurt by a near 5 percent slump in index heavyweight AIA Group.

The world's third-largest life insurer by market value hit a 3-1/2-month low after the mainland's card company UnionPay said it would tighten rules over how mainland customers use its debit and credit cards to purchase Hong Kong insurance products.

But the weakness in Hong Kong's financial shares was offset by a rebound in telecom and property stocks .

Latest News