Hong Kong Market slips for third day

Hong Kong stock market finished lower for a third straight session to the lowest level in 14 months on Tuesday, 30 November 2021, on concerns that the Omicron coronavirus variant could inflict on the economy.

Countries including Japan, Britain and the US have imposed travel curbs while Hong Kong tightened entry rules for high-risk countries with reported infections. The potential of more countries reinstating full lockdowns is sparking worries the pandemic could once again derail global economic recovery.

At closing bell, the benchmark Hang Seng Index tumbled 1.58%, or 376.98 points, to 23,475.26. The Hang Seng China Enterprises Index sank 1.53%, or 129.77 points, to 8,368.49.

Shares of Alibaba Group Holding, Tencent Holdings and Meituan declined 0.7% to 3%, pacing index losers, following poor third-quarter earnings reports. China Resources Land and Mengniu Dairy both declined by at least 5%.

Shares of Macau casino companies declined amid fears over widening industry crackdown. Sands China, MGM China and Galaxy Entertainment retreated 2.3% to 5%.

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