Hong Kong Hang Seng Down 2.7% on COVID-19 Variant, Beijing Regulatory Outlook

The Hong Kong Hang Seng Index opened lower Friday and declined steadily through the day, finishing off 2.7% on concerns that a new infectious strain of COVID-19 from South Africa may overcome immunizations. Also undercutting sentiments were media reports that Beijing officials have asked China-based online ride-hailing giant Didi Global (DIDI) to delist from Wall Street, citing data security issues. Casino, property and tech issues retreated.

The broad gauge Hang Seng fell 659.64 to 24,080.52, as losing issues outnumbered gainers 59 to one. The Hang Seng TECH Index fell back 3.2% on the day, while the Mainland Properties Index declined 3.3%.

The lone gainer on the Hang Seng was CSPC Pharmaceuticals 1093, up 0.7%.

Leading the downside were the Macau gaming-houses, Sands China 1928, off 7.2%, and then Galaxy Entertainment 27, off 6.8%.

The Hang Seng is down 11.6% year-to-date.

On the mainland, the Shanghai Composite fell 0.6% to 3,564.09.