Hong Kong Market skids to one-month low

Hong Kong stock market finished lower for second straight session on Tuesday, 22 June 2021, as risk aversion selloff continued amid regulatory curb among digital currency-related firms and concerns about policy normalisation by global central banks. Market mood was also dampened ahead of the U.S. Federal Reserve chairman's testimony to Congress.

At closing bell, the benchmark Hang Seng Index declined 0.63%, or 179.24 points, to 28,309.76, the lowest close since May 17. The Hang Seng China Enterprises Index dropped 0.74%, or 78.06 points, to 10,469.80.

The sub-index of the Hang Seng tracking the commerce & industry sector dropped 1.25% and the finance sector fell 0.1%, while utilities sector added 1.13% and the properties sector rose 0.35%.

 

Shares of digital currency-related firms declined due to regulatory curb. China's central bank ordered leading commercial lenders and digital payment providers to sever all transactions linked to the cryptocurrency in yet another clampdown on digital assets. Huobi Technology tumbled 20% to HK$13.30.

Energy stocks were the market's best performances on the day, moving sharply higher along with the price of crude oil. West Texas Intermediate crude was up 2.7% to $73.56 a barrel. Brent crude, oil's international benchmark, jumped 2% to $74.93 a barrel. PetroChina jumped 5.9% to HK$3.62 and Sinopec added 3.5% to HK$4.09.

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