Hong Kong Market tumbles 0.94%

Hong Kong share market finished session lower on Thursday, 24 March 2022, as risk aversion selloff resumed amid concerns over geopolitical tensions surrounding the ongoing Russia-Ukraine conflict and rising Sino-U.S. tensions after Washington sought to deter Beijing from aiding sanctions-hit Russia.

The United States said it would "absolutely" enforce export controls if Chinese companies send semiconductors to Russia that were made with U.S. technology.

Meanwhile, selloff pressure fueled further amid the flare-up in Covid19 and after a series of earnings disappointments from Chinese companies including Tencent Holdings.

At closing bell, the benchmark Hang Seng Index declined 0.94%, or 208.13 points, to 21,945.95. The Hang Seng China Enterprises Index dropped 1.4%, or 106.99 points, to 7,528.14.

 

Tech related stocks declined, with Tencent slumping 5.9% to HK$366 after the company failed to announce a plan to boost its existing repurchase plan. Alibaba Group Holding slid 3.2% to HK$113.80.

Apple parts supplier Sunny Optical sank 8.1% to HK$129.40 while Hengan International slipped 2.4% to HK$35.20 after both companies reported earnings came weaker than expected.

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