Hong Kong Market ends 0.3% lower; developers tumble

Hong Kong share market finished lower for third session in row on Friday, 18 November 2022, as hawkish comments from a top U.S. Federal Reserve official and worries over recent rises in COVID outbreaks across the China dampened risk sentiments.

At closing bell, the benchmark Hang Seng Index fell 53.12 points, or 0.29%, to 17,992.54. The Hang Seng China Enterprises Index dropped 15.17 points, or 0.25%, to 6,125.40.

Shares of property developers declined after Moody's said recent policy support from Beijing would not be enough yet to overcome the gloomy trends on the ground. Country Garden dropped 6.5% to HK$2.61, New World Development slipped 5.3% to HK$19.22 while China Overseas Land lost 4% to HK$19.20.

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