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Hong Kong Hang Seng Down 1.2%; Property and Tech Issues Slide

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Last updated: 09/23/2022 06:11:22

06:11 AM EDT, 09/23/2022 (MT Newswires) -- The Hong Kong Hang Index opened evenly Friday but declined through the afternoon, finishing down 1.2% as traders weighed rising global interest rates and eschewed property and tech issues.

The broad gauge Hang Seng fell 214.68 to 17,933.27, striking a fresh 11-year low as losing issues outnumbered gainers 55 to 14. The Hang Seng TECH Index fell 2.3% on the day, while the Mainland Properties Index fell 2.2%.

Leading the upside on a down day was Bank of China HK (2388:HK), up 3.8%, followed by Hang Seng Bank (11:HK), up 2.5%, and PetroChina (857:HK), up 1.5%.

On the downside was shipping line Orient Overseas International (316:HK), off 4.8%, and smartphone-components maker Sunny Optical Technology (2382:HK), off 4.3%.

The Hang Seng is down 23.3% year-to-date.

On the mainland, the Shanghai Composite fell 0.7% to 3,088.37.

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