Hong Kong shares ended down more than 1 percent

Hong Kong (ANTARA) – Hong Kong stocks closed lower Monday on profit-taking after recent rallies amid quiet trading as Chinese markets were closed for a holiday, while rising COVID-19 cases in the region raised fears of coping and deeper economic downturn.

The Hang Seng Index closed down 367.34 points, or 1.28 percent, at 28,357.54, the lowest close since March 29. The Hang Seng China Enterprises Index fell 1.04 percent to 10,713.

After identifying a cluster of COVID-19 cases over the weekend, Singapore has tightened social distancing controls.

The Hong Kong Monetary Authority said slow vaccinations in the city could hinder its competitiveness as a business center.

Also read: Hong Kong shares closed at a loss, triggered by Beijing’s crackdown on fintek

Also read: Hong Kong stocks rose following regional exchanges

The Hang Seng energy stocks sub-index fell 0.1 percent, while the IT, financial and property sectors ended 0.53 percent, 2.04 percent and 0.57 percent lower, respectively.

China’s stock and bond markets, as well as the foreign exchange and commodity futures markets were closed May 1-5 for the Labor Day holiday.

“Investors are not even interested in hunting for bargains when markets like Japan and China are on holiday,” said Steven Leung, sales director at UOB Kay Hian, adding that concerns over continued action by Chinese regulators targeting new economy stocks are also distancing investors.

The best performer on the Hang Seng was China Petroleum & Chemical Corp., up 1.29 percent, while the biggest loser was China Mengniu Dairy Co Ltd, down 3.49 percent.

Across the region, the MSCI Asia stock index except Japan fell 0.73 percent.

The H-shares with the highest gains were Anhui Conch Cement Co Ltd, up 1.94 percent, followed by Hansoh Pharmaceutical Group Company Ltd., up 1.49 percent and Postal Savings Bank of China Co Ltd, up 1.38 percent.

The three biggest H-share percentage drops were China Mengniu Dairy Co Ltd, down 3.49 per cent, China Feihe Ltd, down 2.93 per cent and Alibaba Health Information Technology Ltd, down 2.53 per cent.

Also read: Hong Kong stocks rose on the back of the financial and consumer sectors

Also read: Hong Kong stocks weakened awaiting a Fed statement

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