HSI Erases Early Gains To End In The Red

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2021-03-02 HKT 17:07

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  • The Hang Seng Index loses 1.2 percent in another day of heavy trading. Image: Shutterstock

    The Hang Seng Index loses 1.2 percent in another day of heavy trading. Image: Shutterstock

Hong Kong shares finished Tuesday in negative territory while regional stocks were mixed after a top Chinese regulatory official warned of asset bubbles, dealing a further blow to the markets reeling from a recent bond sell-off.

Local sentiment also suffered after Financial Secretary Paul Chan did not rule out a further increase in the stock trading stamp duty in a Bloomberg interview.

The Hang Seng Index jumped more than 300 points in the morning before reversing course.

The benchmark lost nearly 500 points before clawing back some of the losses to close down 356 points or 1.2 percent at 29,095.

Turnover was HK$232.7 billion.

Hong Kong Exchanges and Clearing was up as much as 4 percent before giving up those gains to wrap up the day 0.4 percent lower at HK$487.60.

Financials underperformed. AIA fell 3 percent and HSBC was off 2.3 percent.

CNOOC and PetroChina retreated more than 3 percent each as oil prices slid on worries that producers would agree to lift supply in a meeting this week and demand from China slows.

The worst blue-chip performer was Galaxy Entertainment, which sank 4.5 percent.

Sino Biopharmaceutical bucked the trend and jumped 4.5 percent to become the winner on the index.

Markets across the border were weighed by remarks by the head of the China Banking and Insurance Regulatory Commission, Guo Shuqing, that he was worried about the bubbles in foreign financial markets and the local property sector.

The Shanghai Composite Index trimmed 1.2 percent, while the blue-chip CSI300 index eased 1.3 percent. The Shenzhen Composite index inched down 0.7 percent.

Around the region, Japan's Nikkei dropped 0.9 percent. Australia edged down 0.4 percent. Taiwan gave up early gains to finish flat. But South Korean shares rallied 1 percent after new figures showed that factory activity and exports in the country expanded. Singapore was flat.

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