Hong Kong Market ends lower

Hong Kong share market finished session lower after erasing earlier gains on Thursday, 02 February 2023, as market participants opted to book recent gains built on expectations that the China's economic reopening and Beijing's decision to relax property sector curbs will trigger strong capital inflows.

At closing bell, the benchmark Hang Seng Index declined 113.82 points, or 0.52%, to 21,958.36. The Hang Seng China Enterprises Index was down 54.61 points, or 0.72%, to 7,505.79.

Chinese investors were net sellers of HK$1.63 billion (US$209 million) worth of Hong Kong-listed stocks on Thursday, according to Stock Connect data. The selling undermined bullish sentiment created by a downshift in the Federal Reserve's policy tightening drive. The US central bank raised its key rate by 25 basis points at its first meeting of the year, following reports of smaller increases in consumer prices in recent months.

 

Among blue chips, Alibaba Group fell 0.9% to HK$109, while Tencent Holdings lost 0.5% to HK$383. Hang Seng Bank fell 2% to HK$126.40. Developer Country Garden slumped 4% to HK$2.91, while Geely Auto lost 3.3% to HK$12.84. Among winners, BYD added 0.8% to near a five-month high of HK$262, while Baidu surged 5% to HK$151.50.

Powered by Capital Market - Live News