Hong Kong stocks lead Asia losses; China closes at lowest since last one month

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Asia – Pacific markets were trading lower on Wednesday, led by Hong Kong markets, while China’s benchmark closed at its lowest in last one month as investors assessed earnings and comments from the U.S. Federal Reserve board members.

The shares of Meituan, Chinese food delivery giant, plunged by 12% after warning of a demand slowdown for its services in its third quarter earnings call.

Another Chinese firm, Pinduoduo, an e-commerce giant, posted 94% revenue growth in the third quarter, far outpacing Alibaba’s 9% growth in the same period.

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The mainland Chinese CSI 300 index closed 0.86% lower at 3,488.31, which is its lowest since late October.

Hang Seng index of Hong Kong also tumbled 2.47% in the final hour of trading, leading the losses among major Asian benchmarks.

In Australia, as the country’s overall inflation slowed to 4.8%, the lowest since January 2022, S&P/ASX 200 extended gains from Tuesday and climbed 0.29% to close at 7,035.3.

South Korea’s Kospi slipped marginally finishing at 2,519.81 after hitting a two-month high on Tuesday, but the small-cap Kosdaq closed after climbing up to 0.73% at 822.44.