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Hong Kong Stocks end mixed

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Capital Market
Last Updated : Sep 27 2021 | 9:16 PM IST
Hong Kong stock market finished session mixed on Monday, 27 September 2021, as investors fret over the crisis at Chinese property giant Evergrande and power crunch in mainland China.

At closing bell, the benchmark Hang Seng Index rose marginal 0.07%, or 16.62 points, to 24,208.78. The Hang Seng China Enterprises Index dropped 0.25%, or 21.17 points, to 8,583.82.

Market risk sentiments were downbeat as China's efforts to inject more liquidity into the banking system failed to spur risk appetite amid a liquidity crunch at Evergrande. The People's Bank of China pumped 100 billion yuan (US$15.5 billion) into the local banking system through open market operations on Monday, supplementing net liquidity injection of 510 billion yuan in the preceding six days.

Cryptocurrency-related stocks slumped after Beijing banned all transactions in the latest crackdown on digital currencies. Huobi Technology plummeted 21.5% while OKG Technology crashed 19.1% and Meitu dropped 7.3%.

Shares of materials finished down as China's power crunch, caused by tight coal supplies and toughening emissions standards, has triggered a contraction in heavy industry across several regions. Aluminum Corporation of China fell by 6.3%.

Shares of gaming stocks dropped as measures of Macau's pandemic prevention are expected to stay in place until after the National Day Golden Week, traditionally a peak season for Macau travelling and gambling.

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First Published: Sep 27 2021 | 4:57 PM IST

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