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Hong Kong stocks drop for 2nd session amid virus uncertainty

Reuters | Hong Kong | Updated: 10-02-2020 14:40 IST | Created: 10-02-2020 14:29 IST
Hong Kong stocks drop for 2nd session amid virus uncertainty
File photo Image Credit: Flickr

Hong Kong shares extended losses on Monday, as the rising severity of the coronavirus outbreak in mainland China, where it has killed more than 900 people, fanning fears of a slowdown in global economic growth.

** At the close of trade, the Hang Seng index was down 0.6% at 27,241.34, falling for a second straight session. The Hang Seng China Enterprises index fell 0.5%. ** The sub-index of the Hang Seng tracking energy shares eased 0.3%, the IT sector dropped 1.2%, the financial sector fell 0.5% and property shares lost 0.4%. ** The top gainer on the Hang Seng was Hengan International Group Company Ltd, which gained 4.9%, while the biggest loser was Shenzhou International Group Holdings Ltd, which fell 4.2%. ** Apple smartphone maker Foxconn was not allowed to resume production in its plant in the southern Chinese city of Shenzhen that had been shut due to the coronavirus outbreak, a person with direct knowledge of the matter told Reuters on Monday. ** The death toll in mainland China rose to 908 as of Sunday, the National Health Commission said on Monday. The death toll of 97 on Sunday was the largest in a single day since the outbreak was detected in December. ** The benchmark Hang Seng rose for four days last week as it rebounded from two-month lows before the market ran out of steam last Friday. ** Analysts at Essence International attributed the fall on Monday to technical factors, and urged investors in a note to "wait for fresh news while there is no clear signal in the external environment." ** Trading volume thinned from the increase last week. About 1.61 billion Hang Seng index shares were traded, compared with the six-month high of 2.5 billion hits on Feb. 4. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.4%, while Japan's Nikkei index closed down 0.6%. ** At close, China's A-shares were trading at a premium of 24.19% over Hong Kong-listed H-shares.

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

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