Hong Kong Stock Exchange Under Pressure, Financial Stocks Lead Declines
The Hang Seng Index closed 0.6% lower at 22,881.02 in Hong Kong trading on Tuesday (June 30th). This decline occurred after the index had strengthened 1.6% in the previous session, but selling pressure resurfaced and pushed the market into the red.
The financial sector was the main drag on the index's movement today. All sectors fell, with 78 of 93 stocks in the red, while only 15 managed to gain ground. China Construction Bank Corp. was the largest contributor to the index's decline, falling 2.1%.
Pressure also came from Nongfu Spring Co., which recorded the largest decline, down 8.4%. Sector-wise, financials fell 1.3%, property fell 1.3%, utilities fell 1.8%, while the trade and industrial sector declined 0.2%.
In terms of performance, the Hang Seng Index fell 9.1% this month and 7.7% for the quarter, heading for its biggest quarterly decline since the third quarter of 2022. In the past 52 weeks, the index has also fallen 4.9%, far lagging behind the MSCI AC Asia Pacific Index, which recorded a 35% gain over the same period. (asd)
Source: Newsmaker.id
