Hong Kong Market ends lower

Hong Kong share market finished session mixed on Monday, 13 February 2023, as risk aversion selloff continued amid growing concerns about escalating US-China tensions, after US shot down another flying object on Sunday and slaps new sanctions on more Chinese entities with alleged military ties.

At closing bell, the benchmark Hang Seng Index declined 26 points, or 0.12%, to 21,164.42. The Hang Seng China Enterprises Index was up 18.26 points, or 0.26%, to 7,144.45.

The US shot down another flying object on Sunday, the fourth such suspected surveillance balloon detected in North America in a week, while also slapping new sanctions on more Chinese entities with alleged military ties.

Among blue chips, Alibaba Group retreated 0.1% to HK$104 and e-commerce rival JD.com slumped 1.4% to HK$207.40 while HSBC lost 0.4% to HK$57.75.

Shares of realty stocks declined, with Link Reit tumbling 13% to HK$54.75, as it is seeking HK$18.8 billion (US$2.4 billion) via a fully underwritten 1-for-5 rights issue at HK$44.20 each, a 30% discount to its market price. New World Development slid 6.7% to HK$22.35 and Henderson Land fell 4.8% to HK$27.80.

Hong-Kong listed Chinese developers and banks also fell. China Overseas Land and Investment slid 0.7% to HK$20, while China Merchants Bank declined 2.1% to HK$45.40 and China Construction Bank declined 0.6% to HK$4.95.

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