Hong Kong: Market extends losses to fifth day

22 Nov 2022 , 04:18 PM

Hong Kong share market finished session deeply in red on Tuesday, 22 November 2022, registering losses for fifth day in row, amid intensifying concerns about the outlook for the world second largest economy as imposition of stringent restrictions and lockdowns in several cities in China, including Shanghai and Beijing, due to resurgence of COVID-19 cases. At closing bell, the benchmark Hang Seng Index stumbled 231.50 points, or 1.31%, to 17,424.41. The Hang Seng China Enterprises Index dropped 100.68 points, or 1.68%, to 5,01.22. Among blue chips. Alibaba Group Holding lost 4% to HK$73.10 and JD.com retreated 4.4% to HK$197.60, while carmaker BYD tumbled 3.4% to HK$178.20. Meituan slumped 8.3% to HK$139.90. Li Ning slipped 4.9% to HK$53.85 and Baidu shed 2% to HK$89.90. Market risk sentiments turned downbeat after Chinas capital warned on Monday that it was facing its most severe test of the COVID-19 pandemic, with a surge in COVID-19 cases sparking fresh restriction measures. Deaths from the virus were also recorded in Beijing for the first time since late May. Beijing shut parks, shopping malls and museums on Tuesday, while more cities resumed mass testing for COVID-19, as cases spiked, which has fuelled concerns about the hit to the worlds second-largest economy. China reported 27,307 new daily infections on Monday, near the record 29,317 cases recorded amid the Shanghai outbreak on April 13, according to health authorities. That has undermined recent China reopening bets after the State Council last week warned against ?irresponsible loosening? of Chinas Covid-19 policy, following steps to ease quarantine and travel curbs. The southern Chinese city of Guangzhou is the epicentre of the flare-up with 8,210 new infections on Monday, while the southwest metropolis of Chongqing logged 6,297 infections. Powered by Capital Market – Live News