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China Stocks Fell After Plenum Meeting Disappointed Investors

Posted by Chris Advincula on Nov 13, 2013 3:46:00 AM

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China stocks fell following the disappointing results of China’s four-day plenum meeting in Beijing, where the Communist Party leaders headed by President Xi Jinping stopped short of presenting the details of government policy plans to improve the nation’s financial reforms and economic strategy. Other than the visionary talks, there were no concrete details mentioned. Asian stocks also came under selling pressure after the news and as investors unwound their long positions in anticipation of the Federal Reserve Bank's next monetary policy change that may start reducing the U.S. stimulus next month.

Tencent Holdings ltd, China’s biggest Internet company fell 2.8 percent after a report saying the company’s valuation is too high. MSCI Asia Pacific Index dropped 0.8 percent to 138.63. Hong Kong’s Hang Seng Index plunged 1.91 percent as financial shares led the decline. 

 

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Source: Bloomberg

 

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