Hang Seng dives more than 600 points

Business | 6 Dec 2018 5:16 pm

Stocks in Hong Kong closed sharply lower Thursday as regional markets continued to decline.

The benchmark Hang Seng Index dipped 2.47 percent, or 663.3 points, at 26,156.38 while the China Enterprises Index, the H-share gauge, tanked 2.57 percent, or 276.23 points, at 10,480.72.

Chinese pharmaceutical stocks were the biggest losers among blue-chips. Sino Biopharmaceutical (1177) and CSPC Pharmaceutical Group (1093) plunged 15.97 and 14.48 percent respectively.

Index heavyweight Tencent Holdings dived 5.23 percent, or HK$16.8, to HK$304.2 while China Construction Bank (0939) lost 2.83 percent to HK$6.52.

Smartphone-related stocks tumbled after Canadian authorities arrested the chief financial officer of Huawei Technologies for possible extradition to the United States. AAC Technologies (2018) and Sunny Optical (2382) slumped 5.59 and 5.47 percent respectively while BYD Electronic (0285) tanked 5.81 percent.

Meanwhile, property developer Hopewell Holdings (0054) rallied after resuming trading. Its largest shareholder had proposed to privatize the company. Shares soared 30.62 percent.

Turnover on the main board amounted to HK$96.95 billion.

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