Hong Kong Market falls to lowest in 10 months

Hong Kong stock market closed down for fourth straight session on Thursday, 16 September 2021, as risk aversion selloff continued on mounting concerns regulatory crackdown, with property and banking stocks leading the slide on fears that debt-ridden developer China Evergrande Group's financial troubles would trigger a broad contagion.

At closing bell, the benchmark Hang Seng Index declined 1.46%, or 365.36 points, to 24,667.85, the lowest since 2 November 2020. The Hang Seng China Enterprises Index dropped 1.46%, or 130.73 points, to 8,805.80.

Casino stocks extended losses due to fears over tighter regulations as Macao kicked off a public gaming consultation. Shares of Sands China dropped 8% to HK$15.50. Wynn Macau fell 4.7% to HK$6.10.

 

Shares of lenders and developers declined, with China Evergrande Group down 6.4% to HK$2.63 after the Ministry of Housing and Urban-Rural Development statement that the property developer would not be able to pay its debts due on September 20, adding that the firm was trying to roll over some loans. China Minsheng Banking slumped 6.5% to HK$3.02 and Agricultural Bank of China shed 1.1% to HK$2.69.

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