Hong Kong Market falls 0.8%

Hong Kong share market finished session around 11-year lows on Wednesday, 12 October 2022, as risk sentiments subdued on following soft lead from Wall Street overnight and downward revision in global growth forecast by the International Monetary Fund. Meanwhile, concerns of China's zero-COVID policy and overseas inflation and recession woes weighed down sentiments as well. Sentiment also worsened after the Bank of England said it would end emergency bond-buying this week.

At closing bell, the benchmark Hang Seng Index declined 131.33 points, or 0.78%, to 16,701.03, the lowest level since October 2011. The Hang Seng China Enterprises Index was down 37.16 points, or 0.65%, to 5,692.42.

China hardened its position on zero-Covid policy ahead of the Communist Party's national congress.

Among blue-chips, Alibaba Group Holding fell 2.2% to HK$74.35, while HSBC slid 2.5% to HK$38.70. China Merchants Bank slumped 5.4% to HK$31.35, while CK Infrastructure Holdings lost 5% to HK$36.15 and CK Asset slumped 3.6% to HK$45.70.

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