China and Hong Kong stocks fall on US rate fears
Stocks in China and Hong Kong took a hit this Friday, mostly because investors are nervous about possible US interest rate hikes and less money flowing through the markets.
The CSI300 dropped 1.6%, Shanghai Composite fell 1.8% to below the 3,900 mark, and Hong Kong's Hang Seng Index slipped nearly 1%.
For the week, the CSI300 was down 1.6%, and Hong Kong's Hang Seng Index was down 3.5%.
Nonferrous metals lead mainland China declines
Nonferrous metal stocks led the decline in mainland China, falling over 6%, with Zijin Mining Group down a steep 7.3%.
Tech-heavy STAR50 index also lost ground, down 3% to its lowest level since late April, as trading activity slowed to near yearly lows.
Meanwhile, energy stocks like PetroChina managed to edge up by 1.2%, thanks to stronger oil prices, but overall market mood stayed cautious with higher US rate expectations, weaker liquidity, and fading momentum in Chinese equities.