HK Stocks Slip In Line With Regional Markets

Shares in Hong Kong and most other markets in the region sank on Tuesday, as a surge in virus infections around the world force governments to impose fresh lockdowns and other containment measures.

In Hong Kong, the Hang Seng Index closed 182 points, or 0.7 percent down, at 26,207, on turnover of HK$144 billion.

Mainland food delivery giant Meituan lost almost 3 percent, while local property giants including CK Asset and Wharf Real Estate tumbled more than 2.5 percent.

But tech giant Xiaomi bucked the trend and rose more than one percent, extending its rally on the local bourse.

Across the border, markets were mixed.

The blue-chip CSI-300 index put on 0.2 percent, boosted by upbeat official data showing that the mainland's factory output last month has grown at its fastest pace in 20 months.

But the Shanghai Composite Index slipped around 0.1 percent on worries about rising Covid-19 deaths.

In the rest of the region, Japan and South Korea each lost 0.2 percent – as rising Covid-19 infections around the world sapped investor appetite for risk assets.

Australia fell 0.4 percent, pulled down by heavyweight miners on fears of higher regulatory scrutiny over surging iron ore prices in China.

Taiwan and Singapore also ended the day lower.

Meanwhile, oil prices dipped on worries in oil demand particularly after the Organisation of the Petroleum Exporting Countries (OPEC) cuts its forecast for a recovery in oil demand next year.