Hong Kong Market falls on recession concerns

Hong Kong share market finished lower for second straight session on Tuesday, 20 December 2022, as risk sentiments dampened amid concerned that aggressive monetary policy moves by central banks across the world could tip the global economy into recession next year. Meanwhile, surge in COVID-19 cases in China also damped risk appetite.

At closing bell, the benchmark Hang Seng Index dropped 258.01 points, or 1.33%, to 19,094.80. The Hang Seng China Enterprises Index was down 132.33 points, or 2%, to 6,472.29.

China's zero-Covid pivot since November has led to a rise in new infections across some mainland cities, prompting authorities to urge manufacturers to ensure a steady supply for food and medicines. The National Health Commission reported 2,656 new cases on Tuesday versus 1,918 on Monday.

 

Among blue chips, Tencent Holdings fell 3.1% to HK$310.60 and Alibaba Group retreated 3.4% to HK$84.10. Developer Country Garden slumped 7.5% to HK$2.73 and industry peer Longfor Group slid 6.3% to HK$24. Xiaomi slipped 1.7% to HK$10.60 amid job cuts.

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