HSI loses ground as tech shares struggle

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  • 2021-02-22 HKT 16:44″ title=”Local shares begin the week more than 1 percent lower. Image: Shutterstock”>


    Local shares begin the week more than 1 percent lower. Image: Shutterstock
    Local shares begin the week more than 1 percent lower. Image: Shutterstock

Hong Kong shares finished in the red on Monday, extending last week’s losses as concerns about high valuations and inflation trumped optimism over the rollout of vaccines.

The Hang Seng Index opened more than 400 points higher before plunging.

It ended 1.06 percent or 324 points lower at 30,319.

Turnover hit HK$302.5 billion.

Tech shares took a beating, with Alibaba down 2.5 percent, Tencent giving up 3.7 percent and Xiaomi diving 5.3 percent.

Across the border, the benchmark Shanghai Composite Index shed 1.45 percent, or 53 points, to 3,642, while the Shenzhen Composite Index on China’s second exchange dropped 2.11 percent, or 51 points, to 2,416.

Regional markets were mixed. The Nikkei rose 0.46 percent on expectations of an economic recovery in Japan, while Taiwan shares put on 0.4 percent. But the Kospi in South Korea lost 0.9 percent and the Australian ASX fell 0.2 percent. (Additional reporting by AFP)