Hong Kong Market tumbles as Ukraine, inflation worries

14 Feb 2022 , 05:29 PM

Hong Kong share market finished session lower on Monday, 14 February 2022, joining a global sell-off, amid nervous over the pivot in monetary policy from the US Federal Reserve and other central banks as well as concerns Russia could invade Ukraine, while the worsening COVID-19 outbreak in Hong Kong further hurt sentiment. Adding to the downbeat sentiment was the rapid drop in Zhenro Properties Groups bond prices, which underscore the risks in investing in Chinese developer bonds.

At closing bell, the benchmark Hang Seng Index declined 1.41%, or 350.09 points, to 24,556.57. The Hang Seng China Enterprises Index fell 1.89%, or 165.91 points, to 8,618.48.

Shares of developers declined after the Peoples Bank of China on Friday said it would not use short-term real estate lending as a method to stimulate the economy. Country Garden Services declined 6.7% and China Resources Land shed 5.9%.

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