HONG KONG: Hong Kong stocks sank more than three percent on profit-taking in Thursday’s morning session after rocketing more than 20 percent since China last week began unveiling a raft of economy-boosting stimulus measures.
The Hang Seng Index sank 3.34 percent, or 749.39 points, to 21,694.34.
The market has enjoyed a blistering rally since Beijing started announcing its proposals last week, including interest rate cuts, an easing of rules on buying a home, and lowering the amount of cash banks must hold in reserve in a bid to boost lending.
Hong Kong stocks rocket more than 6% on China stimulus
The main winners in the rally have been property firms, with some clocking up gains of more than 100 percent. However, many of them were at the forefront of the selling Thursday, with Kaisa Group, Agile Group and Sunac China Holdings shedding between 25 and 30 percent.
Tech firms, which have also enjoyed eye-watering gains over the past week, were also in the red.
JD.com shed 10 percent, Alibaba retreated around seven percent and Tencent was off more than three percent.
Mainland markets are closed for the Golden Week holiday.
Source: Brecorder
