Hong Kong's economy has been battered by Beijing's prolonged zero-Covid policy that has shut out travelers from mainland China and dampened consumer confidence.
within a single trading day on unconfirmed rumors that hinted at a shift in China's policies.
"This is the most significant market sell-off since the dislocation during the Global Financial Crisis, also putting the drawdown into the Systemic category per our classification," the firm's China equity strategists Kinger Lau and Si Fu told CNBC in an email. "Property stocks were boosted by relaxed collateral and equity issuance standards, and tech stocks have been strong on earnings and reopening hopes," the analysts said in a report.Goldman Sachs names the global automakers exposed to a China slowdown
"With the 18,600 level of resistance being overcome for the Hang Seng Index, that could seem to place the key psychological 20,000 level on watch," IG market strategist Yeap Jun Rong said in a Thursday note.
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