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Hong Kong Hang Seng Declines 1% On Renewed COVID-19 Concerns

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Last updated: 06/29/2020 06:55:01

06:55 AM EDT, 06/29/2020 (MT Newswires) -- The Hong Kong Hang Seng Index opened evenly Monday but finished with a loss of 1% as investors again retreated from equities as COVID-19 infections worldwide continued to grow. Brazil, India and the US, in particular, have posted a record number of cases, and some US states have reimplemented business restrictions to help block the spread of the virus.

The Hang Seng finished down 248.71 to 24,301.28, as losing issues outnumbered gainers 43 to six.

On the downside was conglomerate Swire Pacific (19:HK), off 4.7%, and New World Development (2909:HK), off 4.1%.

Leading the upside on a down day was toolmaker Techtronic International (669:HK), up 1.2%. China Construction Bank (939:HK) rose 1%, and coal miner China Shenhua Energy (1088:HK) gained 0.8%.

On the mainland, the Shanghai Composite fell 0.6% to 2,961.52.

Mainland China's sovereign credit rating of A+ on long-term sovereign debt, with a stable outlook, was affirmed by S&P Global on Monday. "China is likely to maintain above-average economic growth relative to other middle-income economies in the next few years," said S&P in a statement.

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