Hong Kong market falls on profit booking

The Hong Kong stock market ended lower for the first time in seven trading days on Wednesday, November 17, 2021, as investors opted to lock in gains amid concerns about an earlier-than-expected rate hike by the Federal Reserve American. However, market losses plateaued somewhat on an amicable meeting between U.S. and Chinese leaders and reports that Beijing plans to let real estate companies resume issuing asset-backed securities.

At the close, the benchmark Hang Seng fell 0.25%, or 63.70 points, to 25,650.08.

The Hang Seng China Enterprises Index fell 0.35%, or 32.60 points, to 9,193.21. The Hang Seng gauge had risen 3.8% in the previous six days on political easing bets and optimism surrounding US-China relations.

The Fed will begin to reduce the pace of its bond purchases later this month, with many market participants expecting the U.S. central bank to raise interest rates in late 2022. Monetary policy tightening in the United States could alter the flow of global funds into dollar-denominated assets to increase pressure from capital outflows from China and other emerging markets.

Oil company shares fell after reports that the United States asked China to release its oil reserves as part of economic cooperation talks.

Shares of Macau casino operators have been hit by uncertainty surrounding the expansion and status of their gaming concessions. Galaxy Entertainment and Sands China each fell 1.3%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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