Hang Seng Declines for Fifth Straight Day
The Hang Seng Index weakened again in the latest trading session in Hong Kong, extending its downward trend to five consecutive days. The index fell 1.8%, or 432.24 points, to 23,336.28. This was the largest decline since March 26, when the Hang Seng Index fell 1.9%.
Market pressure came primarily from stocks in the trade and industrial sectors, which led the decline. Of the four main sectors, three sectors recorded declines, indicating widespread selling pressure in the market. This condition reflects investors' continued cautious attitude towards the Hong Kong stock market outlook.
Overall, the majority of stocks in the Hang Seng Index declined. 73 of the 93 stocks weakened, while only 19 managed to gain ground. This composition indicates that the decline was not limited to a few large stocks but also spread to many issuers in the market.
Tencent Holdings was the stock that weighed the most on the index, falling 4.2%. Meanwhile, CMOC Group recorded the deepest decline, falling 10.9%. The sharp correction in these major stocks makes it increasingly difficult for the Hang Seng to emerge from short-term pressure. (asd)
Source: Newsmaker.id
