Hong Kong Stocks fall to 5-year low

Hong Kong share market finished session lower on Tuesday, 08 March 2022, joining global selloff, as investor sentiment was weighed down by worries about the impact of surging prices of crude oil and other commodities on the economy after the latest cease-fire talks between Russia and Ukraine made scant progress.

Market sentiments also dampened due to rising Covid-19 cases in mainland China and Hong Kong. Mainland China reported 325 new coronavirus cases on March 7, compared with 327 a day earlier.

At closing bell, the benchmark Hang Seng Index stumbled 1.39%, or 291.76 points, to 20,765.87, the lowest level since July 2016. The Hang Seng China Enterprises Index fell 2.36%, or 174.79 points, to 7,237.80.

Stock markets across the globe were rattled by stagflation prospects on a looming U.S. ban on oil imports from Russia, which sent crude prices soaring. Crude oil prices rose in the Asia trading hours, with International benchmark Brent crude futures gaining 3.38% to $127.37 per barrel. U.S. crude futures climbed 2.92% to $122.89 per barrel.

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