Hong Kong stock market finished session lower on Monday, 05 July 2021, dragged down by losses in tech stocks on China's tightening curbs and a private report added to signs of economic slowdown.
At closing bell, the benchmark Hang Seng Index was down 0.59%, or 166.92 points, to 28,143.50. The Hang Seng China Enterprises Index fell 1.36%, or 141.40 points, to 10,274.18.
The sub-index of the Hang Seng tracking the commerce & industry sector fell 1.5%,while the finance sector added 0.32%, the properties sector added 0.47%, and the utilities sector added 1.28%.
Chinese tech stocks sank after China's powerful cybersecurity watchdog ordered more reviews into internet-platform operators for security and privacy breaches. The Cyberspace Administration of China on Monday launched cybersecurity reviews into three more companies, including US-listed online recruiting service Kanzhun, and the Uber-for-trucks operator known as Guiyang Huochebang Technology and Full Track Logistics Information.
The latter two are part of newly-listed Full Truck Alliance. The new action came hours after the powerful agency ordered Didi Chuxing off the nation's app stores late Sunday, and four days after the ride-hailing firm raised US$4.44 billion in a stock offering in New York.
The Caixin/Markit services purchasing managers' index fell to 50.3 in June, the lowest since April 2020 and down from 55.1 in May. It held just above the 50-mark, which separates growth from contraction on a monthly basis.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU