Hong Kong Market extends losses; Tech leads decline

Hong Kong stock market finished lower for second straight session on Monday, 06 December 2021, on tracking declines on Wall Street late last week amid worries that the U.S. Federal Reserve may move to tighten its monetary policy soon. Meanwhile, concerns over the economic impact of the spread of the Omicron coronavirus variant cases globally and worries about growing default risk among Chinese developers also shook market confidence.

At closing bell, the benchmark Hang Seng Index fell 1.76%, or 417.31 points, to 23,349.38. The Hang Seng China Enterprises Index dropped 2.14%, or 180.68 points, to 8,274.77.

Shares of technology companies declined further on Monday on following a selloff in comparable American depositary receipts late last week, after Didi Global's decision on Friday to shift its listing to Hong Kong from New York. The selloff came as the fear of more U.S. delistings led many investors to re-evaluate the risks of an already battered technology sector.

Alibaba lost 5.6% to trade at an all-time low of HK$112.70. The e-commerce group said Xu Hong will replace Maggie Wu Wei as chief financial officer from April next year, according to an exchange filing. Tencent Holdings tumbled 3.2%. NetEase and JD.com sank more than 4.7%, with both joining the Hang Seng Index family from Monday.

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