Hong Kong Market drops 1.27%

Hong Kong share market finished session deeply in negative territory on Thursday, 07 March 2024, weighed down by shares of commerce & industry, finance, and properties sectors, amid heightening geopolitical tensions after a US Senate committee advanced a bill targeting Chinese biotech companies. Meanwhile, market sentiments also dented on concerns over strong stimulus measures after better-than-expected trade data.

The US Senates Homeland Security and Governmental Affairs Committee on Wednesday advanced a bill that proposes to prohibit federal contracting with certain biotechnology providers connected to foreign adversaries.

At closing bell, the benchmark Hang Seng Index retreated by 208.31 points, or 1.27%, to 16,229.78. The Hang Seng China Enterprises Index dropped 59.14 points, or 1.04%, to 5,613.83.

 

Shares off Wuxi Biologics sank 20.2% to HK$17.34 while its sister company Wuxi AppTec tumbled 20% to HK$45.40, after the US Senates Homeland Security and Governmental Affairs Committee on Wednesday advanced a bill that proposes to prohibit federal contracting with certain biotechnology providers connected to foreign adversaries.

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