Hong Kong Stocks plunge 2%

Hong Kong stock market finished session steep lower on Tuesday, 11 May 2021, on tracking fall on the Wall Street overnight and concerns about a surge in global commodity prices and an expected spike in inflation that could force central banks to hike interest rates.

At closing bell, the benchmark Hang Seng Index plummeted 2.03%, or 581.85 points, to 28,013.81, as total fifty out of fifty five constituents declined. The Hang Seng China Enterprises Index tanked 2.03%, or 219.52 points, to 10,431.55.

The sub-index of the Hang Seng tracking commerce & industry sector fell 2.25%, the utilities sector declined 2.03%, the properties sector fell 1.91% and the finance sector shed 1.81%.

 

Higher commodity prices rattled markets, with copper and steel hitting record levels while futures contracts on iron ore also touched an all-time high on China's Dalian Commodity Exchange, prompting a warning from officials. China's latest inflation data also added to ongoing fears that policymakers will further rein in ultra-loose monetary stimulus during the pandemic, which have fueled prices of stocks, raw materials and properties.

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