Hong Kong Market falls 0.28%

Hong Kong stock market finished lower for second session in row on Thursday, 28 October 2021, as profit booking continues on tracking an overnight drop on the Wall Street and concerns about the corporate earnings strength due to the China's economic slowdown.

Sentiment was also hurt by fresh signs of U.S.-China tensions after President Joe Biden told Southeast Asian nations the United States would stand with them in defending freedom of the seas and democracy and called China's actions towards Taiwan "coercive" and a threat to peace and stability.

Further, denting sentiment was reports stated some Chinese property developers had proposed extending their offshore bond maturities or undertaking a debt restructuring in a meeting with regulators. The reports suggested to some investors that those troubled developers barely had enough money to pay back their debt

At closing bell, the benchmark Hang Seng Index fell 0.28%, or 73.01 points, to 25,555.73. The Hang Seng China Enterprises Index fell 0.45%, or 41.10 points, to 9,052.70.

Shares of energy companies declined as crude oil prices extended overnight losses on expectation of increasing Iranian supply after Iran and the EU agreed to restart negotiations on a revival of the 2015 nuclear accord. China Petroleum & Chemical Corporation, or Sinopec, fell 0.3%. China's largest oil refiner said its interim pre-tax profit fell by a third to HK$876 million.

Ping An slumped 2.4% to HK$58.35 after reporting a 31% slide in earnings last quarter as investment performance sagged.

Bourse operator Hong Kong Exchanges & Clearing retreated 1.5% to HK$467.60 after posted a 3% drop in earnings.

Powered by Capital Market - Live News