Growing Covid Fears Send HSI Lower

Hong Kong shares lost ground for a third trading session on Tuesday over fears that a new variant of the coronavirus would take a toll on the already weak global economy.

The Hang Seng Index finished the day at its lowest level since early November, dropping 0.7 percent or 187 points at 26,119.

Market turnover was HK$123.7 billion.

Macau gambling shares also fell. Sands China slipped 3.5 percent to HK$33.30. Galaxy Entertainment plunged 3 percent to HK$56.70.

Across the border, shares plunged after the US move to blacklist mainland firms.

The blue-chip CSI 300 Index dropped 1.6 percent to 4,964. And the benchmark Shanghai Composite Index fell 1.8 percent to 3,356.

Across the straits, the market in Taiwan slipped 1.4 percent after the island reported its first Covid case in months.

The Kospi in South Korea also shed 1.6 percent, the biggest drop in two weeks, as the country moved to shut all ski resorts in a bid to curb a third wave of cases.

In Japan, the Nikkei Index hit sank to a two-week low, losing 1 percent at 26,436.

Markets in Singapore and Australia were each down just over 1 percent.