Hong Kong stock market finished session lower on Monday, 24 May 2021, following a tepid lead from Wall Street, and as quarterly rebalancing of the city's stock benchmark reduced the weighting of top-tier AIA Group, Tencent Holdings and HSBC under a new 8% cap on each stock.
At closing bell, the benchmark Hang Seng Index was down 0.16%, or 46.18 points, to 28,412.26. The Hang Seng China Enterprises Index fell 0.57%, or 61.17 points, to 10,641.40.
The sub-index of the Hang Seng tracking commerce & industry sector fell 0.48%, while the utilities sector rose 0.69%, the finance sector added 0.09%, and the properties sector added 0.11%.
Shares of Tencent retreated 0.2% to HK$585.50 while AIA lost 0.2% to HK$101.50 as quarterly rebalancing of the city's stock benchmark. The quarterly rebalancing will reduce the representation of index heavyweights because of an 8% cap on each index member, affecting AIA (current weight 10.1%), Tencent (9.1%) and HSBC (8.3%).
The index compiler, Hang Seng Indexes Company, will add carmaker and battery producer BYD, the solar panel glass manufacturer Xinyi Solar and property management firm Country Garden Services from June 7, raising the total constituents to 58.
BYD gained 2.3% to HK$167.60. Country Garden Services added 2.8% to HK$80.05. Xinyi Solar slipped 0.5% to HK$13.12.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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