Hong Kong Market falls on profit booking

Hong Kong share market finished session steep lower on Monday, 30 January 2023, as traders opted to book recent profits amid caution ahead of batch of economic data and interest rate decision by the US Fed, Bank of England and European Central Bank later this week in an effort to bring inflation down from a multi-year high.

At closing bell, the benchmark Hang Seng Index declined 619.17 points, or 2.73%, to 22,069.730. The Hang Seng China Enterprises Index was down 277.54 points, or 3.57%, to 7,496.07.

Hong Kong's benchmark stock index rose 2.9% last week to near an 11-month high, buoyed by signs of stronger consumer spending in mainland China. The gauge has surged 14% this month

Among blue chips, Developer Country Garden fell 8.3% to HK$2.97 while Alibaba Group Holding declined 7.1% to HK$109 and chip maker SMIC weakened 5% to HK$17.40. Hotpot restaurant chain Haidilao lost 6.9% to HK$21.75.

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