HK shares track global equities lower on Covid-19 resurgence

BEIJING/SHANGHAI: Hong Kong shares ended lower on Wednesday, tracking the weak lead of global markets, as sentiment took a hit with the resurgence of COVID-19 cases in the United States and Europe.

At the close of trade, the Hang Seng index was down 75.11 points or 0.3% at 24,727.20. The Hang Seng China Enterprises index fell 0.48% to 9,968.41.

The United States, Russia, France and other countries have registered record numbers of infections in recent days, and European governments moved to set new curbs in motion to try to rein in a fast-growing surge of cases, sending global stock markets lower.

Despite losses recorded in energy, financial sectors, the sub-index of the Hang Seng tracking the tech sector rose 1.44%, ahead of the upcoming blockbuster listing of Alibaba's Ant Group, which is looking to raise up to $34.4 billion in Hong Kong and Shanghai.

Hong Kong's aggregate balance, an indicator of Hong Kong dollar liquidity, could hit an all-time high on Oct. 29 as the Ant IPO attracts cash into the financial hub, Reuters reported.

China's main Shanghai Composite index closed up 0.46% at 3,269.24 points on hopes of economic recovery, while the blue-chip CSI300 index ended up 0.81%.

A Reuters poll forecast China's fourth-quarter GDP rising 5.8% year-on-year, up from 4.9% reported in the July-September period as economic recovery accelerated in the third quarter after consumers shook off their coronavirus caution.

Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.14%, while Japan's Nikkei index closed down 0.29%. - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3


Did you find this article insightful?


Next In Business News

Palm oil’s stunning rally is set to boost supermarket prices
Alliance Bank posts lower 2Q net profit of RM103.94m on higher reserves
Pandemic and travel curbs hit Datasonic Q2 earnings�
Higher net profit for Hong Leong Bank
KNM bags RM93.6mil job in Berlin
Axiata records 3Q earnings recovery
Maybank records lower net profit of RM1.95b in 3Q
KLCI stays afloat of 1,600, bank earnings in focus
October exports up 0.2% to RM91.1b, exceed forecast
Huawei founder urges Honor subbrand to become competitor after split

Stories You'll Enjoy