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Hong Kong Hang Seng Down 2.0%, Shanghai Off 4.5% As Investors Book Profits

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Last updated: 07/16/2020 06:48:27

06:48 AM EDT, 07/16/2020 (MT Newswires) -- The Hong Kong Hang Seng Index slumped to finish lower by 2% on Thursday, as investor sentiment cooled and traders booked profits after a recent run-up in stocks, said analysts. The Shanghai Composite slid 4.5% despite China reporting growth in Q2 GDP following Q1's contraction. Beijing has been signaling that it considers the equity market to be overheated, analysts said.

The Hang Seng fell 510.89 to 24,970.69, as losing issues outnumbered gainers 43 to five.

On the downside, Geely Automobile (175:HK) sank 12% after a recent 52-week high, and China Life Insurance (2628:HK), off 6.1%.

Leading the upside on a down day were subway operator MTR (66:HK) and Bank of China HK (2388:HK), with each rising by 0.9%. Hang Seng Bank (11:HK) rose 0.6%

In economic news, Beijing reported Q2 GDP rose 3.2% year-over-year, after shrinking 6.8% in Q1 due to COVID-19 lockdowns and other restrictions.

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