Hong Kong tech leads losses in Asia; China cuts rates ahead of Fed, Bank of Japan meetings this week

Hong Kong tech leads losses in Asia; China cuts rates ahead of Fed, Bank of Japan meetings this week

Shares in the Asia-Pacific fell on Monday ahead of major central bank meetings this week.

The Hang Seng index in Hong Kong was 0.89% lower in the final hour of trade, with the Hang Seng Tech index down 1.93%. South Korea’s Kospi shed 1.14% to 2,355.66 and the Kosdaq was 2.35% lower at 751.91.

In mainland China, the Shanghai Composite dipped 0.35% to 3,115.60 and the Shenzhen Component also declined 0.48% to 11,207.04. The People’s Bank of China cut its 14-day reverse repo rates.

The S&P/ASX 200 in Australia was 0.28% lower at 6,719.90. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.59%.

Japan’s market was closed for a holiday Monday.

https://www.cnbc.com/2022/09/19/asia-markets-central-banks-economic-data-stocks-currencies.html