Hong Kong stocks post first monthly drop since September

Hong Kong shares fell on Wednesday, marking their first monthly drop in six, as a slew of weak earnings results and disappointing profit expectations dragged down property and material stocks. The Hang Seng China Enterprises index fell 0.44% to 10,972.04.


Reuters | Hong Hong | Updated: 31-03-2021 14:33 IST | Created: 31-03-2021 14:23 IST
Hong Kong stocks post first monthly drop since September
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Hong Kong shares fell on Wednesday, marking their first monthly drop in six, as a slew of weak earnings results and disappointing profit expectations dragged down property and material stocks. At the close of trade, the Hang Seng index was down 199.15 points, or 0.7%, at 28,378.35. The Hang Seng China Enterprises index fell 0.44% to 10,972.04. The Hang Seng lost 2.1% in March in its first monthly decline since September 2020. worse-than-expected earnings of some real estate companies sent down the real estate sub-index of the Hang Seng. The property sector dipped 2.68%. Hong Kong shares of China Vanke Co were down 5.29%, as analysts cut their earnings forecasts after the developer reported its annual results on Tuesday. Consumer and material stocks also dropped, down 2.44% and 3.33% respectively. The top gainer on the Hang Seng was CITIC Ltd, which rose 2.22%, while the biggest loser was WH Group Ltd, which fell 12.74%. China's main Shanghai Composite index closed down 0.43% at 3,441.91, while the blue-chip CSI300 index ended down 0.91% despite strong factory data. Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.42%, while Japan's Nikkei index closed down 0.86%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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