Hong Kong Market extends losses to seventh day

Hong Kong stock market finished lower for seventh consecutive session on Thursday, 10 June 2021, as market mood was subdued after China passed an anti-sanctions law that provided legal backing for Beijing's measures to counter foreign sanctions and on caution ahead of US inflation data and the European Central Bank's policy meeting later in the day for guidance about the path of crisis-era stimulus.

However, market losses capped on hopes of improving Sino-US trade relation after reports that Chinese and U.S. commerce officials agreeing to promote healthy trade and cooperate over differences during discussions by telephone.

At closing bell, the benchmark Hang Seng Index declined 0.01%, or 3.75 points, to 28,738.88. The Hang Seng China Enterprises Index edged up 0.11%, or 11.53 points, to 10,716.28.

 

The sub-index of the Hang Seng tracking the commerce & industry sector added 0.35%, utilities sector added 0.34%, and the properties sector added 0.75%, while the finance sector fell 0.73%.

Blue chip stocks were mixed, with Haidilao led losers among blue chips, falling 2.8% to HK$39.60, while Sunny Optical declined 1.8% to HK$190.60. Bank of China Hong Kong fell 1.6% to HK$28.05.

China's shipping-related stocks gained on soaring shipping rates and prospects of improved trade ties between US and China. China said on Thursday its commerce minister Wang Wentao spoke to his U.S. counterpart Gina Raimondo, and both sides recognised the importance of business exchanges and pledged to keep lines of communication open. Cosco Shipping Holdings soared 11.6% to HK$19.20, its highest level since July 25, 2008. Pacific Basin Shipping rose 9.3% to HK$3.07.

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