Hong Kong Market slips on weak Wall Street cues, China trade data

7 Dec 2022 , 03:54 PM

Hong Kong share market finished session steep lower on Wednesday, 07 December 2022, extending yesterdays losses, as recession rhetoric from major US banks and weaker-than-expected China trade spread negative sentiment among investors. At closing bell, the benchmark Hang Seng Index declined 626.36 points, or 3.22%, to 18,814.82. The Hang Seng China Enterprises Index was down 220 points, or 3.31%, to 6,432.95. The Fed is certain to raise interest rates again on December 14, but it is not clear if the central bank will do so by just a half point or if it will boost rates by three-quarters of a point for the fifth straight time. Continued strength in the ISM Services data and jobs market has some worried that inflation is still not yet under control. China earlier in the day reported grim trade data for November, with both imports and exports suffering their biggest monthly falls since 2020 – auguring badly for recovery prospects. Customs data showed exports sank 9% from a year earlier, worsening from Octobers 0.9% decline. Imports fell 10.9%, down from the previous months 0.7% retreat. Among blue chips, Alibaba Group Holding retreated 6.6% to HK$83.90, Tencent Holdings lost 5.4% to HK$295, and JD.com declined 8.3% to HK$216.20. Casino operator Sands China lost 6.5% to HK$23.10, and rival Galaxy Entertainment dropped 4.7% to HK$49.20. Shares of Country Garden slumped 16.1% to HK$2.66, after announcing a plan to raise at least HK$4.74 billion from a second share placement within a month at a discount. Powered by Capital Market – Live News