Hong Kong Market extends losses

Hong Kong stock market finished lower for second session in row on Monday, 08 November 2021, weighed down by tech and healthcare stocks. At closing bell, the benchmark Hang Seng Index fell 0.43%, or 106.74 points, to 24,763.77. The Hang Seng China Enterprises Index dropped 0.31%, or 27.10 points, to 8,793.73.

The healthcare stocks declined, with vaccine-related companies being notable losers after Pfizer's released data that its Covid-19 pill could reduce hospitalisations and deaths in high-risk patients. Pfizer Inc said its experimental antiviral pill to treat COVID-19 cut by 89% the chance of hospitalization or death for adults at risk of the severe disease. Cansino Biologics Inc, one of China's COVID-19 vaccine makers, slumped more than 17%.

 

Shares of Tech companies also dropped, with Alibaba Group while its health unit lost 1.2%. Meituan tumbled 2%, while Tencent Holdings retreated 0.8%.

Gaming stocks surged, with Sands China up 7.7%, as solid gaming revenue data in Macau reflects the gradual recovery in visitor arrivals.

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