Foreign Markets

Hong Kong share market finished lower for second straight session on Friday, 03 February 2023, as investors scaled back their holdings amid concerns about short-term earnings and valuations

At closing bell, the benchmark Hang Seng Index declined 297.89 points, or 1.36%, to 21,660.47. The Hang Seng China Enterprises Index was down 118.77 points, or 1.58%, to 7,387.02.

The Hang Seng Index had risen nearly 50% in the current rally from a bottom in late October, boosting the city's market capitalisation by US$1.5 trillion in the process.

Mainland funds sold more than HK$604 million (US$77 million) worth of Hong Kong-listed stocks as of midday on Friday, taking their net selling this week to HK$17.5 billion, according to Stock Connect data.

Among blue chips, Alibaba Group lost 3% to HK$105.70, while JD.com slumped 2.6% to HK$233.20 and Meituan declined 2.4% to HK$172.40. HSBC sank 3.5% to HK$55.65, while Macau casino operator Sands China fell 1.5% to HK$28.70. Developer Country Garden lost 3.1% to HK$2.82.

BYD dropped 2.9% to HK$254.40 after Berkshire Hathaway cut its stake in the electric carmaker again.

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