Global Market News

Hong Kong Hang Seng Down 1.1% on Tech Sell-Off, Shanghai Retreats 1.5%


Last updated: 02/22/2021 05:15:28

05:15 AM EST, 02/22/2021 (MT Newswires) -- The Hong Kong Hang Seng Index opened higher Monday but slumped in trading, finishing down 1.1% as traders sold off high-flying tech issues and warily eyed a possible tightening of monetary-policy by the People's Bank of China, Beijing's central bank.

The Hang Seng TECH Index retreated 5.5%, as market denizens pulled back from a sector that has nearly doubled in the last 52 weeks.

The broad gauge Hang Seng fell 324.90 to 30,319.83, although gaining issues outnumbered losers 27 to 23, as the downdraft was largely limited to the tech sector.

Leading the upside on a mixed day were telecom-service China Unicom HK (762:HK), up 6.3%, followed by PetroChina (857:HK), up 4.5%, and then pork-purveyor WH Group (288:HK), up 4.8%.

On the downside were Wuxi Biologics (2269:HK), off 7.9%, and then online retailer and delivery-service Meituan (3690:HK), off 5.5%.

On the mainland the Shanghai Composite declined 1.5% to 3,642.44.
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