Hong Kong Market falls on profit taking

The Hong Kong stock market finished session lower on Tuesday, 07 July 2020, as profit booking triggered after a healthy four-day rally that propelled the market into bull territory.

At closing bell, the benchmark Hang Seng Index dropped 1.38%, or 363.50 points, to 25,975.66. The Hang Seng China Enterprises Index lost 1.18%, or 126.42 points, to 10,600.41. The benchmark index rose 8.4 per cent over the past four sessions.

Hong Kong's monetary authority stepped in Monday and Tuesday to sell HK$7.17 billion of local dollars to weaken the currency and bring it back within its trading band, as hot money continues to flow into the city, defying speculation of capital flight over the controversial national security law.

Geely Automobile shares advanced after reporting its June sales rose 21 per cent, a contrast to earlier vehicle sales clobbered by the coronavirus.

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