Alibaba Drags Down Hong Kong Stock Exchange
The Hang Seng Index weakened again in Hong Kong trading. The main index fell 1.8%, or 405.05 points, to 22,671.86. This decline marked the second consecutive day of declines and brought the Hang Seng to its lowest closing level in at least a year.
The pressure was widespread, as all sectors in the Hong Kong stock market weakened. The trade and industrial sectors were the main drags on the index, reflecting increasing selling pressure amidst still-fragile market sentiment.
Of the 93 stocks in the index, 72 stocks declined, while only 20 gained. This indicates that market pressure was widespread, not limited to a few large stocks.
Alibaba Group Holding was the largest contributor to the index's decline, with its shares falling 5.8%. Meanwhile, Sunny Optical Technology Group recorded the deepest decline, falling 9.1%, and was one of the stocks weighing the most on the Hang Seng in today's trading. (asd)
Source: Newsmaker.id
