Hong Kong Market hits three-week low

Hong Kong stock market finished session at three-week low on Wednesday, 16 June 2021, as investors lightened positions on tracking soft lead from Wall Street overnight and on caution ahead of the US Federal Open Market Committee's two-day meeting decision later in the global day.

At closing bell, the benchmark Hang Seng Index declined 0.7%, or 201.69 points, to 28,436.84. The Hang Seng China Enterprises Index dropped 1%, or 105.96 points, to 10,562.97.

The sub-index of the Hang Seng tracking the commerce & industry sector dropped 1.83%, utilities sector fell 0.26%, and the properties sector fell 0.43%, while the finance sector rose 0.82%.

 

Many investors stuck to the sidelines awaiting the outcome of a U.S. Federal Reserve meeting for clues on its policy trajectory. Any changes to the Fed's rhetoric could bring more volatility to major currencies, equities and bond markets as many economies are still struggling to recover from pandemic-induced slumps.

BYD crashed 7.8% while Geely Auto lost 3.9% and Great Wall Motors plunged 8.7%. Developers also suffered losses with Hang Lung Properties and New World Development tumbled 1.7% and 1.6% respectively.

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