Hong Kong Stocks fall on policy normalisation concerns

Hong Kong stock market finished session lower on Wednesday, 31 March 2021, as upbeat China's economic data stoked market concern over possible tightening. However, market losses capped as traders awaiting the release of Joe Biden's vast infrastructure spending plan, expected later in the day. At closing bell, the benchmark Hang Seng Index fell 0.7%, or 199.15 points, to 28,378.35. The Hang Seng China Enterprises Index decreased 0.44%, or 48.83 points, to 10,972.04.

China's better than expected economic data bolstering the case for dialling back policy support. The manufacturing sector in China continued to expand in March, and at a faster rate, the National Bureau of Statistics said today with a manufacturing PMI score of 51.9. That beat expectations for 51.0 and was up from 50.6 in February. The NBS also said its non-manufacturing PMI came in at 56.3, up sharply from 51.4 in the previous month.

Xiaomi gained after unveiling a multibillion plan to make electric cars, joining other China's industry pacesetters for a slice of world's biggest auto market

Bairong dropped 16% from its initial public offering price to HK$26.70 on the fintech company's first day of trading in Hong Kong.

Powered by Capital Market - Live News