Advertisement

       SKIP ADVERTISEMENT

       Supported by

       SKIP ADVERTISEMENT

       Hong Kong Stocks Plunge to Losses for 4th Straight Year

       Investors worried about China’s economy shunned Hong Kong’s stock market, once one of the biggest and most important in the world.

       Share full article

       Read in app

       Outside Exchange Square in Hong Kong in August. The city’s Hang Seng Exchange is one of the world’s worst-performing stock markets. Credit...Tyrone Siu/Reuters

       By Alexandra Stevenson

       Reporting from Hong Kong

       Dec. 29, 2023, 3:29 a.m. ET

       This summer, when Hong Kong’s stock market rout seemed to have no end in sight, the city’s financial chief, Paul Chan, jumped into action, creating a task force to inject confidence into a market that was being pummeled by global investors wary of China.

       Hong Kong cut taxes on trading and Mr. Chan went on a roadshow to Europe and the United States, promising measures to “let investors feel optimistic about the outlook.” Investors were anything but sanguine, however, and the city’s Hang Seng Exchange is among the world’s worst-performing stock markets this year.

       The Hang Seng Index finished Friday, its last trading day in 2023, 14 percent lower than it started the year. Stocks in mainland China also recorded losses this year, with the CSI 300, an index that tracks companies listed in Shanghai and Shenzhen, declining 11 percent.

       Subscribe to The Times to read as many articles as you like.

       Alexandra Stevenson is the Shanghai bureau chief for The Times, reporting on China’s economy and society. More about Alexandra Stevenson

       Share full article

       Read in app

       Advertisement

       SKIP ADVERTISEMENT