HK stocks fall as coronavirus concerns outweigh China recovery hopes
- The Hang Seng index fell 0.9pc to 23,275.53, while the China Enterprises Index dropped 1.1pc to 9,281.52 points.
Hong Kong stocks fell on Tuesday as growing concerns over the coronavirus pandemic outweighed China recovery optimism.
The Hang Seng index fell 0.9pc to 23,275.53, while the China Enterprises Index dropped 1.1pc to 9,281.52 points.
The market rose in early trading on China recovery hopes. China's factory activity likely expanded at a slightly faster pace in September, a Reuters poll showed.
But stocks erased gains as investors weighed China growth optimism against pandemic threats. Compared with mainland China, Hong Kong is more open, thus more vulnerable to global resurgence.
Global coronavirus deaths surpassed the 1-million mark as the pace of fatalities pick up and infections again surge in several countries.
Index heavyweight HSBC Holdings was also a drag, dropping 2.6pc after Monday's 9.2pc surge.
Untility, finance and consumer sectors were among the worst performers.
Investors remain cautious as the US Presidential election nears, and as lawmakers continue efforts to cobble together additional economic stimulus.
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