Hong Kong Market slips on fresh virus worries

Hong Kong stock market finished session steep lower on Friday, 26 November 2021, as investors risk sentiments pressured by mounting concerns about a new coronavirus variant identified in South Africa of which two cases were reported in the city this week..

At closing bell, the benchmark Hang Seng Index tumbled 2.67%, or 659.64 points, to 24,080.52. The Hang Seng China Enterprises Index sank 2.65%, or 233.65 points, to 8,576.07. For the week, Hang Seng Index declined 3.9%.

Sellers were mobilised after the World Health Organization highlighted concerns with respect to the South African strain of the Covid 19 virus with a large number of mutations.

Hong Kong confirmed two cases of the new strain that was first spotted in South Africa, where health officials said the variant was of serious concern. The new variant has prompted some countries including the UK to suspend flights from South Africa and some of its neighbouring nations. Elsewhere, Shanghai, China's biggest commercial city, reported three new Covid-19 infections on Thursday.

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