Hong Kong Stocks fall for fourth session in row

Hong Kong stock market finished lower for fourth session in row on Wednesday, 24 March 2021, as risk aversion selloff continued on weak earnings reports and reignited concerns about global recovery from the pandemic after spikes in coronavirus cases in major economies, including Germany, France and Italy. Meanwhile, Hong Kong and Macau temporarily suspended Covid vaccines from BioNTech SE due to defective packaging also turned markets on the defensive mood.

At closing bell, the benchmark Hang Seng Index dropped 2.03%, or 579.24 points, to 27,918.14, a lowest level since January 11, 2021. The Hang Seng China Enterprises Index fell 2.37%, or 263.20 points, to 10,847.98.

Hong Kong stock market extended decline lower for fourth session in row due to growing concerns about a slowdown in the global economic recovery from the pandemic amid a resurgence of COVID-19 cases in Europe which have led to lockdowns being extended in Germany, France and Italy. In Europe, authorities continue to struggle with the virus as the region battles a third Covid wave.

The Hong Kong government suspended Covid-19 vaccinations using BioNTech doses until further notice, as health officials indicated more than 50 instances of defective packaging such as cracked and leaked vials.

Macau gaming stocks were hit by news that Hong Kong and Macau have suspended BioNTech vaccinations from some batches due defective packaging. Sands China fell 4.1% to HK$37.20, while Galaxy Entertainment dropped 2.8% to HK$67.50.

Geely Automobile plunged 12% to HK$19.90 after reporting a 32% drop in 2020 earnings.

Kuaishou Technology slumped 12% to HK$265 after the company's losses widened to US$2.9 billion due to higher operating expenses.

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