Hong Kong stocks slip on profit-taking amid Fed rate cut uncertainty

Wall Street indexes slump overnight as investors await a key inflation report that could determine the pace and scale of rate cuts

Hong Kong stocks fell on Tuesday as investors booked profits amid uncertainties over the pace and scale of the US Federal Reserve’s interest rate cuts and US-China trade talks.

The Hang Seng Index slipped 0.3 per cent to 25,760.17 at 10.05am local time, trimming gains of nearly 3 per cent in the previous two sessions. The Hang Seng Tech Index slipped 0.4 per cent. On the mainland, both the CSI 300 Index and the Shanghai Composite Index dropped 0.2 per cent.

Hotpot restaurant chain operator Haidilao tumbled 4.2 per cent to HK$14.25 after its profit missed expectations. Anta Sports Products dropped 2.3 per cent to HK$102. Alibaba Group Holding fell 0.7 per cent to HK$123.60, while insurer AIA declined 1 per cent to HK$73.85.

Ping An Insurance (Group), China’s largest insurer by market capitalisation, fell 0.8 per cent to HK$58.20 ahead of its report card later on Tuesday.