Hong Kong Market falls ahead of Fed rate meeting

Hong Kong share market finished session down on Monday, 25 July 2022, on following a negative lead from Wall Street last Friday, with COVID-19 cases in the China's commercial hub and uncertainty surrounding China's property sector continued to weigh on sentiment ahead of key policy meetings at home and abroad.

Selloff was also fueled after Goldman Sachs lowered its targets for Chinese stocks on earnings drag. Goldman Sachs reduced its 12-month target for MSCI China Index to 81 from 84, citing challenges from the latest cracks in the housing market and mortgage boycott against stalled projects.

At closing bell, the benchmark Hang Seng Index fell 46.20 points, or 0.22%, to 20,562.94. The Hang Seng China Enterprises Index was down 29.61 points, or 0.42%, to 7,077.09.

Among blue-chips, Alibaba Group Holding retreated 2.5% to HK$99.60. Meituan declined 1.8% to HK$188.20 while Tencent fell 1.7% to HK$326.40.

Auto stocks weakened as Geely lost 2.4% to HK$16.02 and BYD Co dropped 0.6% to HK$283.80.

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