05:27 AM EDT, 10/08/2024 (MT Newswires) -- Shares of Chinese companies listed in the US traded sharply lower following media reports that China reportedly held off more stimulus.

The US-listed shares of the Alibaba Group ( BABA ) were down 8.4% in premarket activity Tuesday. JD.com ( JD ) traded 11% lower, Nio (NIO) sank 12%, Baidu (BIDU) dropped 9.4%, and Bilibili ( BILI ) slumped 16%.

Late in September, Chinese shares soared after the People's Bank of China reduced the interest rate on its one-year medium-term lending facility loans to 2% from 2.3%, a move aimed at injecting liquidity into the economy and stimulating lending.

Subsequently, in Beijing, the nation's Politburo vowed the "necessary fiscal spending" required to reach its annual 5% gross domestic product growth target and to support property markets after recent monetary easing moves by the PBOC.

As a result, investors expected a much-anticipated news conference on Tuesday led by Zheng Shanjie, the head of China's National Development and Reform Commission, to unveil more policies to boost the economy.

However, Zheng and colleagues reiterated in the conference that "the fundamentals of our country's economic development have not changed," Yahoo Finance reported Tuesday. "We are fully confident in achieving the goals of economic and societal development for the year," the top economic planner said, refraining from laying out any new stimulus.

Hong Kong's Hang Seng Index closed 9.4% lower on Tuesday at 20,926.79, after rallying strongly in the aftermath of policy announcements last month.

Price: 117.93, Change: +0.41, Percent Change: +0.35