Hong Kong stocks fell on Thursday as investor sentiment dampened after China and the US kept interest rates unchanged, despite the US Fed signaling potential rate cuts later in the year.
The Hang Seng Index slid 2.23%, or 551.19 points, at 24,219.95. The Hang Seng China Enterprises index also fell 2.33%, or 213.49 points, at 8,950.18.
Sentiment reflected disappointment over the People's Bank of China decision to keep its one-year loan prime rate (LPR) steady at 3.1% and its five-year LPR at 3.6% for the fifth straight month.
At its latest policy meeting, the US Federal Reserve also kept its rate unchanged at between 4.25% and 4.5%. Investor mood remained downbeat despite a reassurance from Jerome Powell, chair of the US Fed, for potential rate cuts this year, the SCMP reported.
Powell further stated that the effect of Donald Trump's tariff policy on inflation would be "transitionary."
In corporate news, tech giants were among firms leading the decline on Thursday. Alibaba Group (HKG:9988), Tencent (HKG:0700) and Meituan (HKG:3690) each slumped 4%, with Xiaomi (HKG:1810) falling 3% at the day end.
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