Hong Kong Market falls on downbeat offshore lead

The Hong Kong stock market finished session lower on Wednesday, 09 September 2020, following an overnight rout in technology shares on Wall Street, Street overnight, with rising tech tensions between Washington and Beijing also dampening on risk sentiments. Also hurting sentiment was news that AstraZeneca putting a promising COVID-19 vaccine trial on pause due to an unexplained illness in a study participant.

At closing bell, the benchmark Hang Seng Index declined 0.63%, or 155.41 points, to 24,468.93. The Hang Seng China Enterprises Index dropped 1.04%, or 101.87 points, to 9,928.52.

Technology stocks were the worst performers, with HengTen Networks, a photography and electrical products maker, plunging 16.1%. Index heavyweight Tencent Holdings shed 0.9%, recouping some of its losses after dropping 1.3% earlier. Alibaba Group Holding fell 2.4%.

 

Airline stocks proved to be a bright spot on Wednesday on reports that Air travel has rebounded in mainland China. Air China and China Southern Airlines rose 1.4% and 3%, respectively. China Eastern Airlines rose 3.9%.

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