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Hong Kong shares slip, hurt by Chinese market decline

Hong Kong shares slip, hurt by Chinese market decline

Hong Kong shares slipped Thursday, dragged down by tumbling stocks on the mainland Chinese market, but analysts said the local bourse could resume its uptrend after consolidating recent sharp gains.
The blue chip Hang Seng Index fell 151.22 points, or 0.7 percent, to 20,669.83. The drop came after the index gained 7 percent in the previous nine sessions to set a series of record highs.
"It's risen a lot in just a few days and the gains were concentrated in just a few big stocks, so a correction is within expectations," said Harold Kwan, head of sales trading at Partners Capital Securities.
Kwan said the uptrend remains intact as there's no change in the fundamentals. "There's lots of liquidity and expectations for yuan appreciation. People should also expect better levels for property prices in Hong Kong," he added.
Among blue-chip decliners, China Mobile (Hong Kong) Ltd. fell 1.7 percent to HK$76.15, ending a six-day winning streak in which the stock gained 14 percent.
Hong Kong property stocks were also weak. Henderson Land Development Co. dropped 2.3 percent to HK$45.80, and New World Development slipped 1.5 percent to HK$17.02.
Chinese insurer PICC Property & Casualty Co. plunged 7.9 percent to HK$4.78 after Merrill Lynch cut its rating on the stock to sell from neutral. Merrill said a 27 percent rise in the stock in the past three days was "irrational."
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On the Net:
Hong Kong stock exchange official Web site:
http://www.hkex.com.hk


Updated : 2021-05-06 14:19 GMT+08:00