HONG KONG: Hong Kong shares finished down on Tuesday to a more than one-year low, after US drugmaker Moderna set off fresh alarm bells about the Omicron variant, with tech firms dragging down the Hang Seng Index as regulatory concerns spooked investors.
The Hang Seng index was down 1.6% at 23,475.26, while the China Enterprises Index lost 1.5% to 8,368.49 points.
For the month, the Hang Seng index dropped 2.5% while the China Enterprises Index declined 2.4%.
Hong Kong shares extended losses in afternoon trade after the head of Moderna told the Financial Times that COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been against the Delta variant.
The Hang Seng Tech Index lost 1.2%.
“Uncertainties in the tech sector haven’t fully receded in the short term as some firms were fined recently,” said David Huang, senior investment srategist at AllianceBernstein.