Hong Kong Market tumbles on concerns for 2nd virus wave

The Hong Kong stock market finished session lower on Tuesday, 12 May 2020, amid growing concerns over the risk of a second wave of coronavirus infections in countries that are easing restrictions,such as China, Germany and South Korea. At closing bell, the benchmark Hang Seng Index tumbled 1.45%, or 356.38 points, to 24,245.68. The Hang Seng China Enterprises Index retreated 1.59%, or 158.38 points, to 9,832.10.

Shares of airlines and casinos companies declined on profit booking after recent run-ups. Hong Kong-listed shares of China's big three state-owned airlines fell. China Eastern Airlines tumbled 3%, China Southern Airlines dropped 2.5% and Air China retreated 2.3%. The city's flag carrier Cathay Pacific Airways declined 0.4%.

 

Among Macau casino operators, Galaxy Entertainment and MGM China fell 2.5%, while Melco International and Sands China both shed 1.7%.

Tencent, the Chinese social media and online gaming giant, fell 0.9% ahead of its first-quarter earnings report on Wednesday

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