HSI ends lower as regional peers head different ways

Shares in the region traded mixed on Monday, as investors weighed the impact of a minimum global corporate tax rate agreed by the G7 group of nations over the weekend.

The Hang Seng Index in Hong Kong opened slightly higher but quickly gave up those gains and slid as many as 302 points. It later clawed back some of the losses and closed 130 points, or 0.5 percent lower, at 28,787.

Market turnover was HK$144.5 billion.

Geely Auto slumped 5.2 percent to become the biggest loser on the benchmark.

Xiaomi tumbled four percent, after online rumours said a mainland warehouse fire could affect the smartphone maker’s supply for an upcoming shopping event. The mainland tech giant has since clarified that it did not own the damaged warehouse, and supply will not be affected.

Casino shares had a bad day as well, after the Macau government further tightened quarantine and testing requirements for Guangdong visitors. Galaxy Entertainment and Sands China each shed about two percent.

But WH Group bucked the trend and jumped 7.7 percent to become the top blue-chip gainer, after the mainland pork producer launched a buyback programme of shares at a premium.

Markets across the border headed in different directions after export growth in the world’s second largest economy missed expectations but imports surged. The Shanghai Composite index put on 0.2 percent, but the CSI300 index edged down 0.1 percent. The Shenzhen Composite inched up 0.3 percent.

Elsewhere in Japan, the Nikkei added 0.3 percent. Seoul’s Kospi was 0.4 percent firmer. Singapore rose 0.8 percent. But Australia lost earlier gains to skid 0.2 percent. Taiwan lost 0.4 percent.