Hong Kong: Market extends losses to fifth day

Hong Kong share market finished session lower on Monday, 27 February 2023, extending losing streak for fifth trading day in row, pressured by contrasting U.S.-China economic fortunes, uncertainty over upcoming Chinese economic indicators and concerns over rising interest rates and a hawkish Federal Reserve.

Market participants cautiously awaiting for policy stimulus signals from China's most important political gatherings later this week. The National People's Congress and the Chinese People's Political Consultative Conference will hold their annual meetings - known as the two sessions - in Beijing from March 4 with traders pinning their hopes on more policy stimulus as the China reopening play lost momentum this month.

 

At closing bell, the benchmark Hang Seng Index fell 66.53 points, or 0.33%, to 19,943.51. The Hang Seng China Enterprises Index was down 33.23 points, or 0.5%, to 6,670.22.

Among blue chips, carmaker BYD tumbled 3% to HK$216.20, Xiaomi slid 0.8% to HK$11.90, while Galaxy Entertainment led losses among Macau casino operators with a 2.1% slide to HK$52.15. Alibaba Group dropped 0.8% to HK$89.30 while JD.com lost 0.6% to HK$177.30.

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