GEELY AUTO, the Hong Kong-listed automaker, saw its shares plummet by 5.11% on October 30th amid a broader decline in the Hong Kong stock market. The company's stock was caught in the downdraft as investors grew increasingly concerned about the economic outlook and prospects for China's stimulus measures.
According to market reports, Hong Kong shares were lower on Tuesday, with the benchmark Hang Seng Index shedding 0.9% to 20,522.62 points. Auto and tech stocks were among the hardest hit, with GEELY AUTO and e-commerce giant JD.com both dropping 2.6%.
Analysts attributed the selloff to investor unease ahead of the National People's Congress Standing Committee's meeting next week, where more details on China's next round of stimulus measures are expected. With economic growth slowing in China, investors are closely watching for any policy measures that could bolster the economy and support struggling industries.
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