Hong Kong Market falls 0.5%

Hong Kong stock market finished session lower on Wednesday, 05 May 2021, on following mixed cues from Wall Street overnight, after comments from Treasury Secretary Janet Yellen, who suggested interest rates may have to rise modestly to prevent the economy from overheating amid the recent spike in government spending. Meanwhile, continued surge in coronavirus cases in most of the markets in the region, particularly in India and Japan, also weighed down sentiments.

At closing bell, the benchmark Hang Seng Index declined 0.49%, or 139.16 points, to 28,417.98. The Hang Seng China Enterprises Index dropped 0.41%, or 43.85 points, to 10,721.87.

The sub-index of the Hang Seng tracking commerce & industry sector fell 1.45%, while the utilities sector was up 1.56%, the properties sector climbed 0.23% and the finance sector gained 0.32%

Shares of technology companies slipped on overhanging regulatory risks. Alibaba Group Holding fell 2.3% to HK$220, while Tencent Holdings declined 1.8% to HK$610.50. Baidu fell 3.5% to an all-time low of HK$194.30, or 23% below its March IPO offer of HK$252.

Shares of oil explorers were higher, as Crude rallied 0.7% to US$66.20 a barrel, bringing the advance to 13% in the past one month, amid a decline in US stockpiles and reflation bets as the US and Europe planned measures to further reopen their economies. CNOOC was up 1.8% to HK$8.44 while PetroChina climbed 1.7% to HK$2.97.

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