Hong Kong Market tumbles 1.75%

24 May 2022 , 05:41 PM

Hong Kong share market finished lower for second straight session on Tuesday, 24 May 2022, following decline in Mainland A-share market amid concerns about the spread of Covid-19 in China, and its impact on the economy and more signs of weaker corporate earnings from tech companies. Also weighing sentiments was downward revision of China economic growth forecast by investment banks. UBS joined other global investment banks, including Goldman Sachs and Standard Chartered, in lowering its 2022 China growth outlook, slashing its full-year GDP forecast to 3% from 4.2% previously. That marks a huge discrepancy from the official target of around 5.5% for 2022. At closing bell, the benchmark Hang Seng Index fell 1.75%, or 357.96 points, to 20,112.10. The Hang Seng China Enterprises Index shed 1.98%, or 139.31 points, to 6,883.14. Among blue chips Alibaba Group Holding slipped 1.8% to HK$83.60 and JD.com slumped 5.3% to HK$201.60. Tencent Holdings dropped 2.6% to HK$338 after Barclays downgraded its US-listed shares, citing stalling growth in key businesses. Shares of Chinese electric-vehicle start-up XPeng slumped 9.1% to HK$82.55 after announcing its net loss widened to 1.7 billion yuan from 786.6 million yuan a year earlier. Powered by Capital Market – Live News