AVN 65.31 Decreased By ▼ -0.86 (-1.3%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.50 Decreased By ▼ -0.60 (-4.26%)
DGKC 42.15 Decreased By ▼ -1.54 (-3.52%)
EPCL 46.13 Increased By ▲ 1.48 (3.31%)
FCCL 11.45 Decreased By ▼ -0.38 (-3.21%)
FFL 5.19 Increased By ▲ 0.22 (4.43%)
FLYNG 5.82 Decreased By ▼ -0.28 (-4.59%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.21 Increased By ▲ 0.91 (1.46%)
HUMNL 5.73 Decreased By ▼ -0.12 (-2.05%)
KAPCO 27.81 Increased By ▲ 0.26 (0.94%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.37 Decreased By ▼ -1.23 (-4.62%)
MLCF 21.65 Decreased By ▼ -0.87 (-3.86%)
NETSOL 84.95 Decreased By ▼ -1.25 (-1.45%)
OGDC 86.64 Increased By ▲ 0.37 (0.43%)
PAEL 10.96 Decreased By ▼ -0.31 (-2.75%)
PIBTL 4.21 Decreased By ▼ -0.07 (-1.64%)
PPL 78.65 Decreased By ▼ -1.43 (-1.79%)
PRL 13.61 Decreased By ▼ -0.05 (-0.37%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 41.00 Decreased By ▼ -0.75 (-1.8%)
TELE 6.01 Decreased By ▼ -0.20 (-3.22%)
TPLP 16.02 Decreased By ▼ -0.25 (-1.54%)
TRG 111.89 Decreased By ▼ -0.66 (-0.59%)
UNITY 14.01 Decreased By ▼ -0.34 (-2.37%)
WTL 1.14 Decreased By ▼ -0.06 (-5%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,451 Decreased By -396 (-0.97%)
KSE30 15,110 Decreased By -101.7 (-0.67%)
Follow us

SHANGHAI: China and Hong Kong stocks fell on Thursday, as worries over fresh COVID-19 outbreaks and mortgage-payment boycott overshadowed gains in tech shares on the conclusion of a cybersecurity probe into Didi Global with a big-ticket fine.

China’s blue-chip CSI300 lost 1.1%, while the Shanghai Composite Index declined 1%. In Hong Kong, the benchmark Hang Seng was down 1.5%.

Investors were worried about the economic impact of new coronavirus outbreaks in China. The country reported 943 new coronavirus cases for July 20, including 200 symptomatic infections, compared with 1,012 new cases a day earlier.

Financial hub Shanghai said on Wednesday the current virus testing order would be extended for a month until end-August, requiring that residents take a nucleic acid test at least once a week.

Shenzhen vowed to “mobilise all resources” to curb fresh outbreaks, ordering strict implementation of testing and temperature checks, and lockdowns for COVID-affected buildings.

Chinese authorities continued to grapple with a mortgage boycott that has seen a growing number of home buyers refusing to repay loans on stalled real estate projects.

“Lingering caution persists for Chinese equities amid both virus and property sector risks,” Yeap Jun Rong, a market strategist at IG Asia, wrote in a note.

China’s CSI 300 Real Estate Index dropped 2.7%, down roughly 14% from its July 1 peak. Hong Kong-listed mainland developers slumped 4.7%.

Bucking the trend, tech shares rose, with China’s STAR 50 Index rising 1.1%, Hong Kong’s Hang Seng Tech Index gained as much as 1.3%, after China’s cybersecurity regulator announced a fine of $1.2 billion against Didi following a lengthy probe, removing uncertainty.

Shares of Chinese gaming companies also jumped, after China’s commerce ministry announced government support to the sector, including plans to expand approvals for online games.

Comments

Comments are closed.

China, Hong Kong stocks fall

Imran Khan to contest by-elections on all 33 NA seats: Qureshi

Ishaq Dar announces 35-rupee hike in prices of petrol and diesel

Gulf stocks rise on hope of slower Fed rate hikes

At least 41 killed as passenger coach falls into ravine in Lasbela

6.3 magnitude earthquake jolts Islamabad, surrounding areas

Ten children killed in northwest Pakistan boat capsize

Blinken arrives in Egypt as Middle East violence erupts

Former UN chief calls for climate action over ‘visions’ at COP28

Djokovic wins Australian Open to equal Nadal’s 22 Slam titles

China’s 2022 smartphone shipments the lowest in 10 years