Hong Kong markets slide over 2 per cent

Hong Kong hotel operators have called on the government to waive rents and even allow properties to offer empty rooms on long-term leases, or for sale, as a way of survival amid a steep decline in occupancy and rates brought on by 16 weeks of protests in the city. Photo: Bloomberg. Sketched by the Pan Pacific Agency.

HONG KONG, Jul 24, 2023, CNBC. Asia-Pacific markets were mixed on Monday as investors digested key economic data from across the region. Hong Kong’s Hang Seng index tumbled 2.28%, dragged mainly by real estate stocks and led losses in the region, CNBC reported.

Mainland Chinese markets were also all lower. The Shanghai Composite was down 0.11%, ending at 3,164.16 and recording a fifth day of losses in six days, while the Shenzhen Component was 0.58% lower at 10,747.79, marking seven straight days of losses

South Korea’s Kospi was up 0.72% to finish at 2,628.53 and record its third straight day of gains, while the Kosdaq saw a 0.5% loss, snapping a nine day winning streak and closing at 929.9.

In Japan, the Nikkei 225 gained 1.23% to start the week, closing at 32,700, while the Topix was also 0.83% up to end at 2,281.18. Japan’s business activity expanded for a seventh straight month, with the purchasing managers index from the au Jibun bank unchanged from June’s figure of 52.1.

In Australia, the S&P/ASX 200 fell marginally to finish at 7,306.4, after the country saw flash estimates for its composite PMI in July fall into contraction territory for the first time since March.

U.S. markets were mixed last Friday, but the Dow Jones Industrial Average climbed 0.01% to notch its tenth straight day of gains, a feat not seen for the index since August 2017. The S&P 500 added 0.03%,while the Nasdaq Composite fell 0.22%.

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