HK stocks sink to four-month low

Finance | Stella Zhai 25 Sep 2020

Hong Kong stocks hit a near four-month low yesterday as global equities fluctuated on concerns of slower economic recovery dragged by a resurgence in Covid-19 cases.

The benchmark Hang Seng Index plunged 517 points before paring losses, closing 431 points lower at 23,311.

Financials and technology stocks led the losses, with Xiaomi falling 4.84 percent to HK$19.84, dragging down the blue-chip index by 43 points. Tencent (0700) fell 1.75 percent to HK$505, while Alibaba (9988) ended 2.25 percent lower at HK$261. Meituan (3690) fell 4.56 percent to HK$238.60.

WuXi Biologics (2269) was the worst performer among index constituents, falling 5 percent to HK$181.90.

Property stocks rose with Henderson Land Development (0012) leading the gains, rising 1.24 percent to HK$28.60.

Shares of Brilliance China Automotive (1114) jumped 12 percent to HK$7.86 on reports that mainland state-backed investors are considering taking BMW's main Chinese joint venture partner Brilliance private. The stock closed at HK$7.34.

Bank of East Asia (0023) ended 11.71 percent lower after it revealed plans to sell its life insurance business.

And Mainland home appliances maker JS Global Lifestyle (1691) fell 8.35 percent to HK$14.70, after it announced plans to raise HK$1.08 billion by placing 109 million shares at an 11.97 percent discount.

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