Hong Kong Market ends down

Hong Kong share market closed session lower on Wednesday, 29 December 2021, snapping five-days winning streak, on tracking losses in mainland China and broader economic uncertainty caused by Omicron-driven economic disruptions, with tech-related stocks being notable losers as Beijing's scrutiny of overseas share sales.

At closing bell, the benchmark Hang Seng Index was down 0.83%, or 194.02 points, to 23,086.54. The Hang Seng China Enterprises Index fell 1.17%, or 95.69 points, to 8,098.76.

Stocks associated with technology companies declined as Beijing unveiled regulations that bar companies in sensitive industries from receiving foreign investment, unless they seek a waiver from the government. Meituan fell by 3.3% to HK$216. Alibaba Group Holding fell 2.6% and Tencent Holdings lost 1.2%.

 

Shares of property developers declined after reports that China Aoyuan Group was summoned by a Hong Kong court for guaranteeing US$131 million in debt for a subsidiary. Aoyuan's shares crashed 9.7% to HK$1.49. Country Garden lost 2.3%.

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