Hong Kong Stocks extend losses

9 Mar 2022 , 06:30 PM

Hong Kong share market finished lower for fourth straight session on Wednesday, 09 March 2022, as investor sentiment was weighed down by surging energy costs induced by the Russia-Ukraine war along with reports that Norways $1.3 trillion sovereign wealth fund would sell off its stake in Chinas Li Ning over suspicions of human rights violations in Xinjiang.

At closing bell, the benchmark Hang Seng Index declined 0.67%, or 138.16 points, to 20,627.71. The Hang Seng China Enterprises Index fell 0.67%, or 48.22 points, to 7,189.58.

Crude oil prices surged around US$120 a barrel, approaching the 2008 peak, after the U.S. President Joe Biden on Tuesday announced a ban on Russian oil and other energy imports, a significant move in piling pressure on President Vladimir Putin to halt his devastating assault on Ukraine.

Market risk sentiments dampened further after Norways $1.3 trillion sovereign fund announced its exclusion of Li Ning Co due to risk that the sportswear maker contributes to serious huan rights violations in Xinjiang. The move stocked worries about a potential retreat of other long-term investors and concerns about their attitude over Chinese and Hong Kong stocks in future.

Chinese sportswear maker Li Ning slumped 9.4% after Norways sovereign wealth fund excluded the stock for investment, citing human right violations. Anta Sports and Country Garden slumped more than 7%. Alibaba Group dropped 0.7%. Hong Kong share market finished lower for fourth straight session on Wednesday, 09 March 2022, as investor sentiment was weighed down by surging energy costs induced by the Russia-Ukraine war along with reports that Norways $1.3 trillion sovereign wealth fund would sell off its stake in Chinas Li Ning over suspicions of human rights violations in Xinjiang.

At closing bell, the benchmark Hang Seng Index declined 0.67%, or 138.16 points, to 20,627.71. The Hang Seng China Enterprises Index fell 0.67%, or 48.22 points, to 7,189.58.

Crude oil prices surged around US$120 a barrel, approaching the 2008 peak, after the U.S. President Joe Biden on Tuesday announced a ban on Russian oil and other energy imports, a significant move in piling pressure on President Vladimir Putin to halt his devastating assault on Ukraine.

Market risk sentiments dampened further after Norways $1.3 trillion sovereign fund announced its exclusion of Li Ning Co due to risk that the sportswear maker contributes to serious huan rights violations in Xinjiang. The move stocked worries about a potential retreat of other long-term investors and concerns about their attitude over Chinese and Hong Kong stocks in future.

Chinese sportswear maker Li Ning slumped 9.4% after Norways sovereign wealth fund excluded the stock for investment, citing human right violations. Anta Sports and Country Garden slumped more than 7%. Alibaba Group dropped 0.7%.

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