Hong Kong Market falls 1.36%

Hong Kong share market finished in negative territory on Wednesday, 27 March 2024, following a small retreat on Wall Street overnight and ahead of the start of corporate earnings season. Trading was light ahead of the Easter holiday break on Friday and Monday.

Corporate earnings take centre stage this week, when 26 companies on the Hang Seng Index are due to post annual results.

At closing bell, the benchmark Hang Seng Index declined by 225.48 points, or 1.36%, to 16,392.84. The Hang Seng China Enterprises Index sank 97.29 points, or 1.69%, to 5,728.13.

Alibaba dropped 2.1% to HK$68.80 after withdrawing the listings application for Cainiao, shelving a much-anticipated debut that could have raised more than $1 billion.

 

EV maker BYD slumped 6.1% to HK$202.80 after it cautioned investors about weak consumer spending and a cloudy global outlook. BYDs net income rose 18.7% year-on-year in the October-to-December period. Its peer Li Auto lost 3.5% to HK$117.50.

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