Hong Kong Market falls 0.6%

Hong Kong stock market finished session lower on Monday, 05 July 2021, dragged down by losses in tech stocks on China's tightening curbs and a private report added to signs of economic slowdown.

At closing bell, the benchmark Hang Seng Index was down 0.59%, or 166.92 points, to 28,143.50. The Hang Seng China Enterprises Index fell 1.36%, or 141.40 points, to 10,274.18.

The sub-index of the Hang Seng tracking the commerce & industry sector fell 1.5%,while the finance sector added 0.32%, the properties sector added 0.47%, and the utilities sector added 1.28%.

Chinese tech stocks sank after China's powerful cybersecurity watchdog ordered more reviews into internet-platform operators for security and privacy breaches. The Cyberspace Administration of China on Monday launched cybersecurity reviews into three more companies, including US-listed online recruiting service Kanzhun, and the Uber-for-trucks operator known as Guiyang Huochebang Technology and Full Track Logistics Information. The latter two are part of newly-listed Full Truck Alliance. The new action came hours after the powerful agency ordered Didi Chuxing off the nation's app stores late Sunday, and four days after the ride-hailing firm raised US$4.44 billion in a stock offering in New York.

 

The Caixin/Markit services purchasing managers' index fell to 50.3 in June, the lowest since April 2020 and down from 55.1 in May. It held just above the 50-mark, which separates growth from contraction on a monthly basis.

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