Hong Kong Hang Seng Declines 3.6% On Faltering Tech-Sector, Rising Interest Rates

Friday, February 26, 2021 5:42 AM | MT Newswires

The Hong Kong Hang Seng Index opened lower Friday and extended losses to the close, finishing off 3.6% as traders again sold richly-valued tech issues on rising global interest rates.

The Hang Seng TECH Index ETF lost 5.3% on the day.

On the upside were developer China Resources Land (1109:HK), up 0.6%, and then utility Hong Kong & China Gas (3:HK), up 0.2%. The pork purveyor WH Group (288:HK) finished flat.

Leading the downside were online-retailer Meituan (3690:HK), off 8.2%, and then Wuxi Biologics (2269:HK), off 7.9%.

On the mainland, the Shanghai Composite lost 2.1% to 3,509.08.

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