Hong Kong Market falls 0.6%

Hong Kong stock market finished session lower on Monday, 20 July 2021, as risk aversion selloff continued on tracking weak lead from Wall Street overnight, anxiety over the spread of the Delta coronavirus variant around the world and the economic impact of the pandemic.

At closing bell, the benchmark Hang Seng Index was down 0.84%, or 230.53 points, to 27,259.25. The Hang Seng China Enterprises Index fell 0.94%, or 93.99 points, to 9,864.57.

The sub-index of the Hang Seng tracking the commerce & industry sector fell 0.87%, while the finance sector dropped 0.8%, the properties sector shed 1.08%, and the utilities sector fell 0.07%.

Investors were worried that a fresh outbreak could potentially hinder the pace of economic reopening. Total confirmed cases of Covid-19 topped 190 million on July 19, including over 4 million deaths, according to the World Health Organization. The highly contagious Delta variant has now spread to over 111 countries, daunting efforts to reopen economies.

Alibaba Health led declines among blue chips, plunging 7.4% to HK$14.28. Country Garden Services fell 3.7% to HK$74.35, while Geely Automobile retreated 3.4% to HK$22.90. HSBC lost 1.6% to HK$42.05, while Standard Chartered slid 2.6% to HK$45.10.

Energy stocks were also lower after OPEC+ members agreed to boost crude oil supply from August. PetroChina dropped 3.6% to HK$3.24, while Sinopec declined 2.7% to HK$3.56.

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