Friday, January 28, 2022

Technical weakness sent Hong Kong stocks lower

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* The Hang Seng Index fell 1.64%

* China Enterprises Index HSCE fell 2.01%

* The Hang Seng Tech Index fell 4.63 percent to its all-time low

SHANGHAI, Jan. 5 () – Hong Kong’s Hang Seng Index closed lower on Wednesday as technology stocks reflected global weakness, while China’s top market regulator announced new fines on leading technology companies.

** At the end of trading, the Hang Seng Index fell 1.64% to 22,907.25. The Hang Seng China Enterprises Index fell 2.01 percent to 8,015.7.

** Alibaba, China’s leading market regulator, has fined Tencent Holdings Ltd and Bilibili Inc. for failing to properly report nearly a dozen deals.

** Bilibili shares fell 10.63 percent, while Tencent and Alibaba fell 4.31 percent and 2.05 percent, respectively.

** Meituan had the biggest drop in the Hang Seng Index on Wednesday, down 11.16%, and the Hang Seng Tech Index fell 4.63% to its all-time low.

** Hong Kong-registered mainland real estate firms fell 0.99% as the maker of China Evergrande Group announced this week in a meeting with bondholders that it was demanding a six-month delay in bond payments.

** Evergrande shares fell 0.62 percent.

** Shares of China Huarong Asset Management Co Ltd fell to a record low of 55 percent in Hong Kong after trading resumed after a nine-month break.

** Huarong shares fell 50% during the day.

** China’s major Shanghai Composite Index closed 1.02% at 3,595.18 points, while the blue-chip CSI300 Index fell 1.01%.

** The yuan was quoted at 6.3719 UTC 8:10 per US dollar, flat from Tuesday’s close.

Interview with Andrew Galbraith; Edited by Rashmi Aich

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