Hong Kong Market falls 1.3%

Hong Kong stock market finished session down on Friday, 24 September 2021, as risk sentiments dented Cryptocurrency stocks declined after China extended its crackdown to digital currencies, with its central bank saying all crypto-related transactions are illegal. Meanwhile, selloff was also fueled as investors tempered risk-taking amid concerns about China Evergrande Group's debt woes as a bond payment deadline passed without an update.

At closing bell, the benchmark Hang Seng Index declined 1.3%, or 318.82 points, to 24,192.16. The Hang Seng China Enterprises Index dropped 1.47%, or 128.74 points, to 8,604.99.

Shares of glassmaker Xinyi Glass was biggest drag on the benchmark index, falling 7.3% to HK$23.40 while sportswear maker Li Ning slipped 5.4% to HK$88.70. Countering losses, Ping An Insurance advanced 2.2% to HK$54.25 while Meituan added 0.7% to HK$244.40.

 

Evergrande tumbled 11.6% to HK$2.36, giving up most of the 18% relief rally on Thursday. The stock has slumped more than 80% this year as survival hangs in the balance. The firm resolved a loan interest payment this week but was silent on an offshore bond interest due on Thursday.

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