Market Commentary - Foreign Markets
Hong Kong Market falls 1.34% As on : 30-May-24  16:13

Hong Kong share market finished in the negative territory for the third straight session on Thursday, 30 May 2024, as risk aversion selloff continued on tracking Wall Street declines overnight after poor demand at a US Treasury auction boosted bond yields. Traders were also cautious as China's official manufacturing purchasing managers' index for May is set to be published on June 1, Friday.

Tepid investor demand at a US Treasury auction fuelled supply and deficit concerns driving up bond yields, reducing the appeal of riskier equities.

At closing bell, the benchmark Hang Seng Index dropped 246.82 points, or 1.34%, to 18,230.19. The Hang Seng China Enterprises Index declined 94.53 points, or 1.44%, to 6,462.95.

The sub-index of the Hang Seng tracking properties led the losses by falling 2%, meanwhile the financial sector ended 1.43% lower, the commerce & industry sector sank 1.23%, and the utilities sector dropped 1.23%.

Shares of Gold producer Zijin Mining Group tumbled 5.5% to HK$16.98 as bullion prices stumbled amid reduced expectations for an interest-rate cut by the Federal Reserve.

Semiconductor Manufacturing International Corp climbed 4.9% to HK$16.84 and Hua Hong Semiconductor advanced 4% to HK$20.15, driven by reports that China launched a state chip fund to fulfil its tech self-reliance strategy.

MMG share fell nearly 8% after the company further specified the pricing policy for crude cobalt hydroxide concentrate sold by its unit MMG Kinsevere SARL to CMN group.

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