Hong Kong Market extends losses to third day

13 Jul 2022 , 05:57 PM

Hong Kong share market finished lower for third straight session on Wednesday, 13 July 2022, as a wait-and-see mood strengthened ahead of the release of the U.S. consumer price index for June later in global day. Meanwhile, renewed worries about new wave of COVID-19 infections in Shanghai and Macau also hurt market sentiment. Investors kept close eye for the US inflation figures that will be release later on Wednesday. If the figure is higher, the US Federal Reserve will be forced to make more aggressive moves in its monetary policy that could lower liquidity in markets. At closing bell, the benchmark Hang Seng Index fell 46.79 points, or 0.22%, to 20,797.95. The Hang Seng China Enterprises Index was down 45.81 points, or 0.64%, to 7,145.83. Among blue chips, Country Garden sank 8.5% to HK$3.67, while Longfor Group lost 4.3% to HK$31.35. China Merchants Bank tumbled 6.9% to HK$43.75, while China Overseas Land and China Resources Land lost at least 2.1%. Property developers shares sank, as a selloff in Chinese property developers dollar bonds this week stemmed from rising coronavirus cases that infected their shares. More homebuyers are refusing to pay mortgages, and that could affect Chinese banks.Powered by Capital Market – Live News