March 22 Hong Kong stocks fell on Wednesday,
with sentiment hurt by sharp losses on Wall Street on concerns
U.S. President Donald Trump will struggle to deliver tax cuts
and other reflationary economic policies.
The benchmark Hang Seng index broke a four-session
winning streak. It fell 1.1 percent at the close, to 24,320.41
The Hong Kong China Enterprises Index lost 1.8
percent, to 10,456.96 points, partly due to weaker southbound
inflows from Shanghai through a trading link.
"Investors are taking a review of the global economic
recovery as Trump fails to put forward specific figures on his
tax cut policies and infrastructure plans," said Linus Yip,
strategist at First Shanghai Securities Ltd.
Profit-taking was also to blame after the recent run-up, Yip
said, adding that some investors worried stocks were too
expensive and such high valuations weren't justified.
On Tuesday, both the S&P 500 and the Dow Jones
Industrial Average booked their biggest one-day slide
since before Trump's election victory in November on concerns
over his capability to deliver promised corporate tax cuts.
Inflows from the Shanghai-Hong Kong Stock Connect were 7.8
percent of Wednesday's daily quota, less than one-third of the
quota of 24.5 percent used on Tuesday.
Sectors lost ground across the board, with industrial stocks
leading the declines.
(Reporting by Jackie Cai and John Ruwitch; Editing by Randy