Hong Kong Market falls for second day

Hong Kong stocks fell for a second day on Tuesday, 14 September 2021, with Hang Seng Index settling deeply in red terrain, as selloff sparked by concerns about tightening fintech regulations and China's most indebted developer warning of a risk of a cross-default.

At closing bell, the benchmark Hang Seng Index fell 1.21%, or 311.58 points, to 25,502.23. The Hang Seng China Enterprises Index dropped 1.7%, or 157.26 points, to 9,081.73.

Shares of Alibaba Health Information Technology and Country Garden Holdings slumped by at least 5.3%, among the market's worst performers. Countering losses, PetroChina advanced 3.9% after crude oil topped US$70 a barrel, as a storm approaching the Gulf of Mexico clouded supply outlook.

 

Shares of property developers declined, with China Evergrande Group, the country's most-indebted developer, plunged nearly 12% to its lowest in more than six years, after it warned of a risk of cross-default as real estate sales continued to plunge.

Shares of China Evergrande New Energy Vehicle and Evergrande Property Services, units that Evergrande has been attempting to sell, also plummeted 24.7% and 12% respectively.

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