Hong Kong Stocks Fall As Asian Markets Retreat

Hong Kong stocks fell more than 1 percent in the morning session on Thursday, in line with a broad retreat across Asia following losses in New York fuelled by worries over a spike in virus infections in parts of the world.

The Hang Seng Index sank 1.3 percent, to 24,350.

On the mainland, the Shanghai Composite Index was flat, at 3,339, while the Shenzhen Composite Index fell 0.3 percent, to 2,283.

Dimming hopes of new US stimulus any time soon weighed on most Asian markets as regional investors tracked another sell-off in New York.

Tokyo suffered steep losses in the morning session, while Taipei, Singapore, Manila and Wellington were also in the red.

Seoul lost 0.7 percent, though shares in Big Hit Entertainment – the management agency of K-pop sensation BTS – more than doubled on their debut after the initial public offering was more than 600 times oversubscribed.

The firm soared from its IPO price of 135,000 won to its daily limit of 351,000 won, giving it a market capitalisation of US$8.7 billion and putting it among South Korea's top 40 most valuable companies.

The pound was struggling ahead of a European Union summit where leaders will discuss post-Brexit trade talks, with Prime Minister Boris Johnson urging them to give ground or see Britain walk away with no deal. (AFP)

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