Shares of ALI HEALTH plummeted 11.37% on Tuesday amid a broad selloff in Hong Kong stocks. The healthcare company was among the biggest decliners as the Hang Seng Index fell 1.38% and the Hang Seng Tech Index dropped 1.17%.
The market rout followed an underwhelming policy meeting by China's economic planners on Tuesday. Investors had been hoping for more substantial fiscal stimulus measures to revive the slowing economy, but were left disappointed by the lack of major new initiatives announced.
While equities had rallied in recent weeks on expectations of government support, "enthusiasm over a stimulus-driven equity surge is cooling due to the lack of any further major initiatives," according to one market analyst. Without concrete spending plans to back up earlier pledges, some investors fear the rally had gotten ahead of economic realities.
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