Comments
Hong Kong shares fell for a second day on Friday, racheting up it biggest weekly loss in seven weeks as sharp falls in mainland stocks and a weaker yuan hurt the sentiment.
“The depreciation in the yuan will continue to pile pressure on Hong Kong’s market as investors are worried about less capital flows to the local market,’’ said Shi Wenbien, analyst at Yuanta Securities in Shanghai, adding the index faces upside resistance as it is trading far above its 250-day average.
The Hang Seng index fell 0.4 per cent to 24,507.05, while the China Enterprises Index lost 0.1 per cent to 11,720.10 points. The index lost 1.4 per cent for the week but rose 3.8 per cent for the month of January.
Among the most actively traded stocks on Hong Kong's main board were Bank of China, down 0.2 per cent at HK$4.34; Gome, down 0.9 per cent to HK$1.07; and Time2U, unchanged at HK$0.67.
Chinese investment flowing from Shanghai into Hong Kong through the mutual market access pilot programme took up 0.51 billion yuan of the 10.5 billion yuan daily quota.
Total trading volume of companies included in the HSI index was 1.5 billion shares.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.