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Hong Kong Hang Seng Slumps Anew, Down 2.6% on Tech-Sector Outlook

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Last updated: 06/22/2022 06:40:25

06:40 AM EDT, 06/22/2022 (MT Newswires) -- The Hong Kong Hang Seng Index opened lower and slumped into the close, finishing off 2.6% after a media report that Beijing authorities plan to scrutinize online medicine sales. Tech and property issues declined.

The broad gauge Hang Seng fell 551.25 to 21,008.34, as losing issues outnumbered gainers 66 to three. The Hang Seng TECH Index fell 4.4% on the day, while the Mainland Properties Index fell 2.1%.

Leading the scant upside was Geely Automobile (175:HK), up 4.1%, followed by China Mengniu Dairy (2319:HK), up 1.6%, and property-developer CK Asset (1113:HK), up 1.6%.

On the downside was Alibaba Health Information Technology (241:HK), off 13.9%, and smartphone-components maker Sunny Optical Technology (2382:HK), off 7.4%.

On the mainland, the Shanghai Composite fell 1.2% to 3,267.20.

Tech issues, including Alibaba Health Information Technology, fell after the 21st Century Business Herald newspaper reported that Beijing will increase scrutiny of online medicine sales, noted the South China Morning Post

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