Hong Kong: Hang Seng tumbles 1%

8 Feb 2022 , 06:23 PM

Hong Kong share market finished session lower on Tuesday, 08 February 2022, amid concerns about rising tensions between the worlds two largest economies after the U.S. Commerce Department had added 33 Chinese entities to its unverified list, which requires U.S. exporters to go through more procedures before shipping goods to the entities.

The news of the U.S. unverified list is having a large impact on listed companies as well as relevant industries and supply chain.

At closing bell, the benchmark Hang Seng Index fell 1.02%, or 250.06 points, to 24,329.49. The Hang Seng China Enterprises Index sank 0.89%, or 76.23 points, to 8,513.30.

The biggest loser on the Hang Seng was WuXi Biologics (Cayman) Inc, which fell more than 30% following the addition of its units in Wuxi and Shanghai to the red-flag export list. Trade in its shares was later halted.

ECONOMIC NEWS: Hong Kongs IHS Markit SAR Purchasing Managers Index (PMI) fell to 48.9 in January from 50.8 in December.

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