Hong Kong stocks slide most in 3 weeks as rally shows signs of exhaustion
Investors disappointed after China leaves five-year and one-year loan prime rates stable at 3.6 per cent and 3.1 per cent, respectively

The Hang Seng Index slumped 2.2 per cent to 24,219.95 at the close, its worst performance this month. The Hang Seng Tech Index tumbled 3.4 per cent. On the mainland, the CSI 300 Index slid 0.9 per cent and the Shanghai Composite Index lost 0.5 per cent.
Ping An Insurance Group sank 5 per cent to HK$49.30 after full-year earnings missed analysts’ estimates. Peer China Life Insurance dropped 5.9 per cent to HK$15.98. Tencent Holdings declined 3.8 per cent to HK$519.50 despite annual revenue matching expectations. Alibaba Group Holding shed 4 per cent to HK$135.50. CK Infrastructure Holdings lost 2.1 per cent to HK$44.85, taking its decline to 13 per cent after announcing the sale of its port assets this month.
Stocks have shown some signs of exhaustion after a stellar run catapulted the Hang Seng Index as the world’s best-performing gauge this year. After a valuation expansion narrowed the gap between technology stocks in China and the US, investors have shifted their focus to corporate earnings and the strength of the country’s economic recovery.

An investor survey by BofA Securities showed that traders were wary of chasing the rally, highlighting the lack of progress on fundamental improvements and the frothy valuations of some tech stocks.