Hong Kong stocks fall on interest rate concerns, China Covid curbs
The Hong Kong equity market ended its session lower on Monday, April 11, 2022, as unease continued over US monetary policy tightening and Covid restrictions in China threatened to exacerbate the grumbling of the supply chain. In addition, concerns over the flow of money out of China weighed on sentiment amid growing divergence between the United States.
Southern and Chinese economies.
At the closing bell, the benchmark Hang Seng tumbled 3.03%, or 663.71 points, to 21,208.30. The Hang Seng China Enterprises Index fell 3.76%, or 281.88 points, to 7,208.49.
Tech stocks fell following the fall of their US peers, with video and live streaming platform Bilibi down 13.2%. Index heavyweights Meituan and Alibaba were down more than 5% each, and Tencent was down 4.3%.
Shares of property developers fell, with Zhenro Properties wiping out 12.5% as it missed interest payments on two offshore bonds and expected four more defaults in the coming months due to the Shanghai foreclosure.
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