HONG KONG: Hong Kong stocks slipped on Tuesday, as investors waited for fresh mainland policies to guide money into the city’s market and speculated on when the U.S. Federal Reserve will raise interest rates.
The Hang Seng index fell 0.5 percent, to 27,466.72, while the China Enterprises Index lost 0.7 percent, to 14,201.63 points.
The Hong Kong market got little encouragement from the mainland market, which posted solid gains for a second straight session after plunging on Thursday.
After a surge in April, the Hong Kong market appears to have lacked a sense of direction, with main indexes confined to a narrow range.
China Investment Securities (HK) said Hang Seng has technical resistance at 27,700 points, but gets support at 27,200.
Many eyes are on how quickly the U.S. economy is improving, which is key to timing of a Fed hike that could potentially draw money away from Hong Kong.
Among the most actively traded stocks on Hong Kong’s main board were China Star Entertainment, up 22.3 percent to HK$0.16 CCT Land, up 1.4 percent to HK$0.07 and Hybrid Kinetic, up 43.5 percent to HK$0.66
