Hong Kong Market tumbles 2.13%

Hong Kong stock market finished session lower on Thursday, 19 August 2021, as risk aversion selloff triggered amid uncertainty over Federal Reserve policy moves and concerns that the fast-spreading Delta variant of COVID-19 could delay an economic recovery, with China detailed rules aimed at tackling unfair competition and companies' handling of critical data intensified selloff in the market.

At closing bell, the benchmark Hang Seng Index fell 2.13%, or 550.68 points, to 25,316.33. The Hang Seng China Enterprises Index dropped 2.56%, or 234.34 points, to 8,916.02.

Shares of technology companies declined, as the impact of China's regulatory tightening continued to hurt investor confidence. Tencent Holdings fell 3.4% to HK$421.20, despite the company reported a 29% rise in second-quarter profit despite bearing the brunt of a crackdown by Beijing on the technology industry. Meituan shed 7.1%, Alibaba Group Holding slumped 5.5%.

 

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