The Hong Kong market extends its losses; Technology leaders decline

The Hong Kong stock market finished lower for the second consecutive session on Monday, December 6, 2021, after tracking Wall Street declines late last week as the U.S. Federal Reserve may tighten monetary policy soon. Meanwhile, concerns about the economic impact of the spread of cases of Omicron coronavirus variants around the world and concerns about the growing default risk among Chinese developers have also shaken market confidence.

At the close, the benchmark Hang Seng fell 1.76%, or 417.31 points, to 23,349.38. The Hang Seng China Enterprises Index fell 2.14%, or 180.68 points, to 8,274.77.

Shares of tech companies fell further on Monday following a massive sell-off of comparable U.S. certificates of deposit late last week, following Didi Global’s decision on Friday to move its listing to Hong Kong from New York.

The massive sell-off came as fears of more US write-offs led many investors to reassess the risks of an already battered tech sector.

Alibaba fell 5.6% to trade at an all-time low of HK $ 112.70. The e-commerce group said Xu Hong will replace Maggie Wu Wei as chief financial officer from April next year, according to an exchange document. Tencent Holdings fell 3.2%. NetEase and JD.com fell more than 4.7%, both joining the Hang Seng index family from Monday.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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