Hong Kong Market extends slide

Hong Kong stock market finished lower in light trading on Monday, 03 May 2021, extending last week losing streak, as investors risk sentiments remains weak after China signalled tightening oversight of internet-platform operators and rising coronavirus cases in the region raised concerns over more curbs and economic pain.

At closing bell, the benchmark Hang Seng Index tumbled 1.28%, or 367.34 points, to 28,357.54. The Hang Seng China Enterprises Index dropped 1.04%, or 112.25 points, to 10,713.

The sub-index of the Hang Seng tracking energy shares dipped 0.1%, while IT, financials and property sectors ended 0.53%, 2.04% and 0.57% lower, respectively.

Investors in Asia-Pacific continued monitoring the Covid situation in India as the country continues to battle a deadly second wave of infections. Over the weekend, more than 400,000 daily new cases were registered for the first time.

Singapore tightened social distancing controls and warned of further action that threatens to derail a nascent economic recovery in the city-state after identifying a cluster of COVID-19 cases over the weekend.

Ping An Insurance (Group) fell 2.5% to HK$82.85 after China's biggest insurer said late Friday that its unit Ping An Life will join a consortium to rescue debt-laden Founder Group. The insurer will inject as much as 50.8 billion yuan (US$7.84 billion) to take up a controlling stake in a new Founder Group unit. Founder Holdings soared 85.1% increase to HK$0.87 after the announcement.

HSBC fell 3.2% to HK$47.30, on profit booking after rising 9% over five straight days of gains last week on upbeat earnings in the first quarter.

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