Tech, healthcare firms drag Hong Kong shares lower

Hong Kong shares closed lower on Wednesday, dragged down by technology and healthcare firms, while elevated short-term Treasury yields potentially drained liquidity from the market. The Hang Seng Index fell 1.6% to 25,628.74, while the China Enterprises Index closed 1.8% lower at 9,093.80 points. ** The Hang Seng Tech Index and the Hang Seng Healthcare Index slumped about 3% each.


Reuters | Hong Kong | Updated: 27-10-2021 14:55 IST | Created: 27-10-2021 14:40 IST
Tech, healthcare firms drag Hong Kong shares lower
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Hong Kong shares closed lower on Wednesday, dragged down by technology and healthcare firms, while elevated short-term Treasury yields potentially drained liquidity from the market. The Hang Seng Index fell 1.6% to 25,628.74, while the China Enterprises Index closed 1.8% lower at 9,093.80 points.

** The Hang Seng Tech Index and the Hang Seng Healthcare Index slumped about 3% each. ** Two-year U.S. Treasury yields leapt to a 19-month high, potentially draining liquidity from emerging markets.

** Analysts said the announcement of U.S. Federal Reserve tapering next week is pretty much a done deal, markets have moved past taper-talk and are now focused on tightening. ** Separately, China will ask underage users to submit personal details of their guardians as it looks to overhaul rules for registering online accounts under real names, and demand more verification checks by platforms.

** Tech giants Alibaba Group, Meituan, Tencent Holdings declined between 3% and 5%. ** The energy sub-index dropped more than 2% as shares of coal miners slumped.

** China said it will conduct "clean up and rectification" work on coal storage sites in some coal-producing areas and ban storage sites without approvals in its latest move to address skyrocketing coal prices. ** Hot pot chain Haidilao International Holding dropped 7.5% to their lowest since March 2019, the biggest percentage decliner on the Hang Seng benchmark.

** Goldman Sachs cuts Haidilao's earnings estimates amid recent multi-province COVID-19 outbreaks in China.

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

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