HK stocks down 3.5pc this week, stablecoin-related equities slump

Hong Kong stocks ended this week 3.5 percent lower, as investors continue to capitalize on previous gains.

The benchmark Hang Seng Index stood at 24,507 on Friday, 265 points or 1.07 percent lower than the previous close. The full-day main board turnover amounted to HK$254.67 billion. 

The indicator lost 881 points or 3.47 percent for the whole week.

The Hang Seng Tech Index fell 1.02 percent to 5,397. 

But stablecoin-related stocks plunged at least 7 percent, though Hong Kong’s ordinance came into effect today.

ZhongAn Online P & C Insurance (6060) declined over 7.5 percent, while Guotai Junan International Holdings (1788) dropped 10.6 percent, Bright Smart Securities & Commodities Group (1428) slid 19 percent, and OSL Group (0863) lost 12.2 percent.

STAFF REPORTER