BR100 3,652 Increased By ▲ 27 (0.76%)
BR30 18,615 Increased By ▲ 147 (0.8%)
KSE100 35,373 Increased By ▲ 171 (0.48%)
KSE30 15,281 Increased By ▲ 34 (0.23%)
COVID-19 TOTAL DAILY
CASES 234,509 2691
DEATHS 4,839 77
Sindh 96,236 Cases Today
Punjab 82,669 Cases Today
Balochistan 10,841 Cases Today
Islamabad 13,557 Cases Today
KP 28,236 Cases Today
Markets

Hong Kong shares extend losses as coronavirus spreads; services hit

 The Hang Seng index fell 2.6pc to 26,449.13 points, while the China Enterprises Index lost 2.8pc to 10,325.09 point
January 30, 2020
  • The Hang Seng index fell 2.6pc to 26,449.13 points, while the China Enterprises Index lost 2.8pc to 10,325.09 points.
  • Hong Kong's de facto central bank said it will continue to monitor any impact from the spread the virus.
  • Casino operators in Macau slid, with Wynn Macau falling more than 5pc and MGM China shedding 6pc.

HONG KONG: Hong Kong shares ended lower for a second straight session on Thursday amid weakness in healthcare and consumer stocks, as the number of confirmed cases of coronavirus in the city rose to 10.

The Hang Seng index fell 2.6pc to 26,449.13 points, while the China Enterprises Index lost 2.8pc to 10,325.09 points.

Hong Kong's de facto central bank said it will continue to monitor any impact from the spread the virus.

Trade unions in Hong Kong, including hospital and rail workers, are threatening to strike unless the government closes the border with mainland China to stop the spread of the coronavirus.

In China, the National Health Commission said the total number of deaths from the coronavirus in the country climbed to 170 as of late Wednesday and the number of infected patients rose to 7,711.

In other markets, Asian stocks slipped. Gold and bonds were in demand as worries about the virus sent investors scurrying for safety.

In Hong Kong, an index tracking consumer goods and services companies dropped 3.3pc. Cosmetics retailer Sa Sa International plunged 6pc.

Casino operators in Macau slid, with Wynn Macau falling more than 5pc and MGM China shedding 6pc.

The top mover on the Hang Seng was Link Real Estate Investment Trust, which fell 0.9pc.

The biggest loser was ACC Technologies, which fell 7.5pc.

The top mover among H-shares was China Shenhua Energy , down 1pc, while the biggest H-shares percentage decliner was Sino Biopharmaceutical, falling 5.6pc.

The US Federal Reserve kept interest rates unchanged on Wednesday, as expected. HSBC in Hong Kong said it will not change its best lending rate.

Citi said Chinese exporters are mostly immune to revenue exposure given their core markets in the United States, European Union and Asia, and they only bear the risk of deferral in the start of production after the lunar new year long holiday.

Nomura said in a report "the worst is yet to come", adding the coronavirus could deal a more severe blow to China's economy in the near term relative to SARS in 2003.