Hong Kong Stocks end softer

Hong Kong stock market finished session marginal lower on Monday, 10 May 2021, as investors focused on the Chinese inflation data due on Tuesday after the Federal Reserve was likely to refrain from withdrawing accommodative policies too early amid disappointing US jobs data. At closing bell, the benchmark Hang Seng Index declined 0.05%, or 14.99 points, to 28,595.66. The Hang Seng China Enterprises Index fell 0.45%, or 47.93 points, to 10,651.07.

The sub-index of the Hang Seng tracking commerce & industry sector fell 0.6%, while the utilities sector was up 1.26%, the properties sector climbed 0.79% and the finance sector gained 0.31%.

 

Energy shares rose as crude oil futures rose on concern about disruption of supplies after cyber attack shut down a U.S. pipeline operator that provides nearly half of the U.S. east coast's fuel supply.

Shares of healthcare companies advanced after a U.S. proposal to waive patents for Covid-19 vaccines met with fierce opposition from European governments and pharmaceutical giants. Cansino Biologics rallied 2.8% to HK$312.

Shares of Shanghai Fosun Pharmaceutical Group surged 25% to HK$62.60 after saying a unit will form a venture with Germany-based BioNTech to build a plant in China capable of producing 1 billion doses of Covid-19 vaccines a year.

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