Hong Kong stocks fall three trading days in a row
- By: Kylie WongEdited by: Serena Kong
Hong Kong stocks continued to drop as technology stocks shrank and the market was concerned about upcoming tighter monetary policy in the U.S., in light of inflation.
The Heng Seng Index closed at 24112.78, showing a 0.43% decrease.
Though the market grew 0.69% to today’s peak, 24385.05, from its previous close in the morning trading session, the growth was erased by the drop at noon. The lowest of the day was 24009.71.
The market was dragged down by losses in the technology sector. Tencent recorded a decreased 2.75% reduction to HK$HKD 452.8 from yesterday’s HK$HKD 465.6. This was followed by Meituan and Alibaba, declining 0.375% to HK$HKD 215.8 and 1.63%to HK$126.4 respectively.
Several financial media reported that Morgan Stanley cut the target price of Tencent from HK$650 to HK$600 as the broker predicted that Tencent’s revenue will report a slower growth of 6% for the last quarter in 2021. This is due to delays in revenue recognition of new games. Regulatory policies regarding games and advertisements also came into play.
Country garden from the property industry is the best performing blue chip of the day. It displayed a 4.94% growth, reaching HK$ 6.16.
The company announced on Monday that it has repurchased US$ 10 million senior note (HK$ 389 million) from the market.
HSCE fell 0.18%. The SSE Composite Index and CSI 300 Index inched up 0.80% and 0.97% respectively.
《The Young Reporter》
The Young Reporter (TYR) started as a newspaper in 1969. Today, it is published across multiple media platforms and updated constantly to bring the latest news and analyses to its readers.
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