HSI up, mainland stocks fall amid interest rate fears
Mainland stocks fell on Monday with investors unsettled by higher global interest rates and trade tensions. In Hong Kong, the benchmark Hang Seng Index rose 59 points, or 0.2 percent, to 24,271 on turnover of HK$162.63 billion. The tech index dropped 28 points, or 0.7 percent, to 4,169 while the China enterprises index gained 20 points, or 0.3 percent, to 8,168. Banks and insurance stocks rose while chipmakers and AI stocks fell. On the mainland, the Shanghai Composite Index fell 16 points or 0.43 percent, to close at 3,797 on turnover of 714.9 billion yuan. The Shenzhen Component Index dived 256 points, or 2.03 percent, to 12,384 on turnover of 822.9 billion yuan while the ChiNext plunged 79 points, or 2.61 percent, to 2,963 on turnover of 392.3 billion yuan. The US launching probes into technology firms including Luxshare Precision Industry and Foxconn Industrial Internet further dented risk appetite. "The main anxiety comes from rising global yields," Caitong Securities said in its market outlook. "There's also the tail risk of a potential debt crisis" stemming from the weakest governments in the euro zone, the brokerage said. China's large-cap CSI300 Index dropped 0.7 percent to a 13-month closing low. Market reaction was muted after top securities regulator Wu...
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