Hong Kong stocks take breather as investors look for fresh catalysts after rally

Hong Kong stocks traded in a narrow range as investors refrained from bets amid a lack of fresh catalysts that would further power a bull run.\nThe Hang Seng Index fell 0.2 per cent to 25,704.89 as of 10.09am local time. The Hang Seng Tech Index dropped 0.3 per cent.\nOn the mainland, the CSI 300 Index slid 0.2 per cent and the Shanghai Composite Index retreated 0.3 per cent.\nElectric vehicle maker Li Auto slumped 3.7 per cent to HK$67.20 on news the stock would be removed from the FTSE China indexes. Chinese sportswear maker Li Ning lost 2.1 per cent to HK$16.63 and garment maker Shenzhou International Group slid 3.4 per cent to HK$67.65. On the upside, gold producer Zijin Mining Group advanced 3.2 per cent to HK$33.82, mirroring recent gains in the price of the precious metal.\nHong Kong’s stocks are taking a respite after an about 30 per cent gain in the Hang Seng Index this year – among the world’s best-performing benchmarks globally. Bank of America said that corporate earnings growth would be the key to stock performance next year after the rally left valuations with little room to expand further. Investors are also turning cautious before the rate decisions by the Federal Reserve and the Bank of Japan in coming weeks.\nOther major Asian markets were mixed. Japan’s Nikkei 225 climbed 1.3 per cent and Australia’s S&P/ASX 200 added 0.1 per cent, while South Korea’s Kospi retreated 0.8 per cent.\n