Hong Kong Stock Market Plummets Amid China's Tepid Economic Measures

The Hong Kong stock market experienced a sharp decline following China's economic planning authorities' announcement, disappointing investors hoping for detailed stimulus plans. With significant losses and a lack of new measures, confidence in revive attempts waned, prompting skepticism among investors regarding future growth strategies.

As China's economy falters, the Hong Kong stock market suffered significant setbacks immediately following the weeklong National Day celebrations. Investors' hopes were dashed after a press conference by China's National Development and Reform Commission (NDRC) failed to introduce specific stimulus measures.

The Hong Kong market concluded its trading day with substantial losses of nearly 10 percent. Despite the NDRC's assurances of bolstering market confidence, the absence of detailed support plans led to a tumble in the Hang Seng index, which closed down by 9.41 percent, erasing gains made before the holiday period.

According to the Voice of America, experts criticized the NDRC for its vague and insufficient implementation strategies. Chin-Yoong Wong from the University of Tunku Abdul Rahman highlighted the lack of new fiscal stimuli, while Taipei's Liu Meng-Chuh pointed to better foreign economic prospects, causing investment shifts. Tsai Ming-Fang of Tamkang University noted China's worsening foreign relations and economic data manipulation, adding to investor fears.

(With inputs from agencies.)