Hong Kong Market ends lower

Hong Kong share market finished session lower on Wednesday, 16 November 2022, snapping three days winning streak, as jubilant sentiment in global markets was pierced by geopolitical risks following reports that a Russia-made rocket killed two people in Poland.

At closing bell, the benchmark Hang Seng Index fell 86.64 points, or 0.47%, to 18,256.48. The Hang Seng China Enterprises Index dropped 43.58 points, or 0.7%, to 6,225.71.

Among blue chips, Tencent Holdings weakened 1.6% to HK$283.40 amid reports that the WeChat operator has started a new round of lay-offs as it prepares to release its third-quarter report today. Alibaba Group slid 1.6% to HK$77.65.

Property developers shares closed down amid concerns that the stimulus measures fall short to revive the sector. Country Garden tumbled 17.5% to HK$2.64 and Longfor retreated 7.5% to HK$19.94,

BYD tumbled 1.8% to HK$191.90. China's biggest electric-vehicle maker by sales canceled a plan to spin off its semiconductor manufacturing unit through a stock listing, and decided to invest more money to boost production in the unit to meet chip demand in the EV industry.

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