Hong Kong Market ends tad lower

Hong Kong share market finished session marginally lower on Wednesday, 13 March 2024, ending its three consecutive days of gain, as profit taking resumed after the overnight United States stronger-than-expected inflation effectively shut the door on the possibility of a Federal Reserve interest-rate cut before June.

At closing bell, the benchmark Hang Seng Index fell by 11.39 points, or 0.07%, to 17,082.11. The Hang Seng China Enterprises Index sank 17.06 points, or 0.29%, to 5,932.46.

Shares of property developers dropped as Country Garden missed a coupon payment. Country Garden Holdings fell 4.9% to HK$0.58 after the Chinese property developer said funds for a 96 million yuan ($13 million) coupon payment due Tuesday were not fully in place and it planned to raise funds for the missed onshore coupon payment within 30-day grace period.

 

Among blue chips, sportswear maker Li Ning slumped 3.4% to HK$21.35. Li Auto surged 3.2% to HK$151.70 and AIA Group added 0.5% to HK$64.85.

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