Hong Kong Market falls for the first time in three days

Hong Kong stock market finished down after erasing early gains on Monday, 26 April 2021, as investors sentiments weighed down by worries over a resurgence of coronavirus outbreak in overseas countries, and as Meituan slumped after it became the next Chinese tech company to face an antitrust probe.

At closing bell, the benchmark Hang Seng Index dropped 0.43%, or 125.92 points, to 28,952.83. The Hang Seng China Enterprises Index decreased 0.78%, or 86.53 points, to 10,981.31.

The sub-index of the Hang Seng tracking energy shares dipped 0.4%, while the IT sector dipped 0.01%, the financial sector ended 0.11% lower and the property sector dipped 0.77%.

 

Meituan shares lost 0.5% to HK$305, as the State Administration for Market Regulation is probing a practice of forcing vendors to use its platform exclusively. The regulatory action followed a record US$2.8 billion fine the SAMR imposed on e-commerce group Alibaba Group Holding earlier this month over a similar practice related to er xuan yi or pick one out of two.

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