Hong Kong stock market finished session steep lower on Friday, 26 November 2021, as investors risk sentiments pressured by mounting concerns about a new coronavirus variant identified in South Africa of which two cases were reported in the city this week..
At closing bell, the benchmark Hang Seng Index tumbled 2.67%, or 659.64 points, to 24,080.52. The Hang Seng China Enterprises Index sank 2.65%, or 233.65 points, to 8,576.07.
For the week, Hang Seng Index declined 3.9%.
Sellers were mobilised after the World Health Organization highlighted concerns with respect to the South African strain of the Covid 19 virus with a large number of mutations.
Hong Kong confirmed two cases of the new strain that was first spotted in South Africa, where health officials said the variant was of serious concern. The new variant has prompted some countries including the UK to suspend flights from South Africa and some of its neighbouring nations. Elsewhere, Shanghai, China's biggest commercial city, reported three new Covid-19 infections on Thursday.
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