A general view of the trading hall after renovation at the Hong Kong Stock Exchange in Hong Kong A general view of the trading hall after renovation at the Hong Kong Stock Exchange in Hong Kong

Hong Kong shares track Wall Street lower ahead of ECB meeting

Thu, Oct. 26, 2017
HONG KONG - 26 October 2017: Hong Kong stocks softened on Thursday after Wall Street pulled back from record highs amid concerns of tighter liquidity in global financial markets ahead of a European Central Bank meeting.

China's Communist Party's Congress, which concluded on Tuesday, offered investors few surprises in terms of economic policies.

Both the Hang Seng index and the China Enterprises Index lost 0.4 percent, to 28,202.38 and 11,446.21 points, respectively.

The European Central Bank is all but certain to cut back on its bond-buying stimulus later in the day, taking its biggest step yet in unwinding years of loose monetary policy.

Worries about tighter liquidity pushed up bond yields in the United States and European markets.

Most sectors fell, with resources and IT shares among the biggest losers.

Bucking the trend, shares in CRRC Corporation jumped more than 5 percent at one point, as investors expect China's largest train maker to benefit from an acceleration in Beijing's "Belt and Road" strategy, which was put into the party constitution.

Also in the spotlight was Wai Chun Group Holdings Ltd , whose shares surged after the system integration service group said it would buy artificial intelligence firm Insight Technology International Investment Group to broaden its revenue stream.
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