Hong Kong Hang Seng falls 2%

Hong Kong share market finished session down on Thursday, 27 January 2022, as risk aversion selloff triggered after hawkish comments from the US Federal Reserve, which indicated that it plans to begin raising interest rates "soon," citing elevated inflation and a strong labor market. Meanwhile, selloff pressure fuelled further amid concerns about the raging spread of the coronavirus omicron variant and its impact on the pace of economic recovery from the pandemic.

At closing bell, the benchmark Hang Seng Index declined 2%, or 482.92 points, to 23,807.00. The Hang Seng China Enterprises Index sank 2.6%, or 220.99 points, to 8,291.30.

 

Tech shares tumbled, with Alibaba's leading retreat, down 7.2% to an all-time low of HK$108.50, as more than 20 analysts have trimmed their price targetsfor the company. Meituan retreated 6.9% while both NetEase and JD.com lost at least 3.5%. Tencent fell 2.2%. Alibaba Healthcare Information slipped 4.3% to HK$5.99 after Goldman Sachs downgraded the stock to neutral from buy on Thursday, with a price target of HK$8.

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