Hong Kong Hang Seng extends losses

Hong Kong share market finished down for second straight session on Friday, 28 January 2022, as investors continued risk aversion selloff amid worries over faster U.S. monetary policy tightening and uncertainties ahead of the incoming Chinese New Year holidays.

At closing bell, the benchmark Hang Seng Index declined 1.08%, or 256.92 points, to 23,550.08. The Hang Seng China Enterprises Index sank 0.98%, or 81.01 points, to 8,210.29. For the week, the Hang Seng Index fell 5.7% and the Hang Seng China Enterprises index sank 6.6%.

Hong Kong financial markets will be closed from the afternoon session of Monday, Jan. 31 until Thursday, Feb. 3 for the Lunar New Year holidays and will reopen on Friday, Feb. 4.

Huabao International Holdings shares slumped almost 12% after the food flavor manufacturer said its co-chairman is being investigated by the Chinese police over "disciplinary violations."

Hopson Development shares dropped 17% after disclosing auditor PricewaterhouseCoopers had resigned its account after receiving insufficient information to complete procedures.

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