Shares of CSPC Pharmaceutical Group (CSPC PHARMA) plummeted by 8.01% on Monday, October 14th, as the Hong Kong stock market suffered broad losses amid uncertainty over potential economic stimulus measures in China.
Hong Kong's Hang Seng Index fell 0.75%, weighed down by a selloff in various sectors, including pharmaceuticals. CSPC PHARMA, a leading Chinese pharmaceutical company, was among the top losers, with its shares declining by 5% during the trading session.
The market downturn followed China's finance minister Lan Foan's remarks over the weekend, where he hinted at significantly increasing debt to support the economy but failed to provide specific details on the size and scope of the stimulus package. This lack of clarity left investors speculating and dampened sentiment, as they awaited concrete measures to boost economic growth.
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