Hong Kong Stocks Suffer Worst Week in Two Months
While Hong Kong stocks may have returned to green Friday, but it didn't stop them from suffering their worst weekly plunge in around two months.
At the close of trading in Hong Kong today, the Hang Seng Index (HSI) gained 118.48 points, passing 25,000. The largest gainer on the benchmark today was the personal hygiene products maker Hengan International Group Company Ltd., (HKEX: 01044) whose stock soared 7% to HK$66.85 per share.
Some other big winners today featured the medicine products firm Sino Biopharmaceutical Ltd., (HKEX: 01177) rising 4% to HK$15.14 per share and the power tools manufacturer Techtronic Industries Company Ltd., (HKEX: 00669) gaining 4% to HK$84.40 per share. The biggest loser Friday on the HSI was the global property and beverage firm Swire Pacific Ltd., (HKEX: 00019) whose stock slipped nearly 2% to HK$40.15 per share.
Overall, the HSI dropped 2.5% for the week, marking the largest fall since May 22 when Beijing announced intentions to implement a national security law to tighten its grip over Hong Kong. The fall this week is attributed to China's retail sales falling short of projections. The retail figures also impacted Shanghai's benchmark the SSE Composite, which suffered its worst weekly fall in five months, tumbling 4.5% Thursday. However, the index also ended Friday in the green, adding 4 points.
"Both Hong Kong and [mainland] A-share markets were stable, with Moutai up 2 percent with heavy turnover. This was a good sign indeed," Alan Li, a portfolio manager at Atta Capital said.
He added, "The alternative might have been even more panic selling."
It appears that Hong Kong has now entered the second wave of Covid-19 cases with infections hitting a record high of 67 on Thursday.
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