Hong Kong Market tumbles 1.08%

Hong Kong stock market finished session down on Thursday, 26 August 2021, as investors locked in recent gains on slew of disappointing earnings reports and on caution regarding clarity on China's regulatory reforms and their impact on the technology sector. Meanwhile, selloff also fueled ahead of the Federal Reserve's annual Jackson Hole symposium this weekend for the clues on any possible cutback in its bond purchase stimulus.

At closing bell, the benchmark Hang Seng Index declined 1.08%, or 278.26 points, to 25,415.69. The Hang Seng China Enterprises Index dropped 1.53%, or 138.74 points, to 8,937.29.

Shares of Kuaishou slumped 9.2% to HK$70.40 after Chinese short-video platform operator said losses in the second quarter widened to 7.04 billion yuanand it warned that regulatory curbs will weigh on its business.

 

China Evergrande shares retreated 7.2% to HK$4.23 after warning first-half net profit probably shrank by as much as 39% from a year earlier, because of losses incurred from its property unit and new-energy car-making start-up. China Evergrande New Energy Vehicle Group tumbled 19% to HK$5.18.

Xiaomi shares fell 3.6% to HK$24.45, even as the Chinese smartphone maker posted an 84% profit increase last quarter.

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