Hong Kong stocks, A-shares open lower on Monday, tourism firms sliding after China’s top tourist destination hit by Covid outbreaks
STOCKS
Hong Kong stocks, A-shares open lower on Monday, tourism firms sliding after China’s top tourist destination hit by Covid outbreaks
STOCKS

Hong Kong stocks, A-shares open lower on Monday, tourism firms sliding after China’s top tourist destination hit by Covid outbreaks

 

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Hong Kong stocks open lower on Monday, with the benchmark Hang Seng Index down 0.68%, the Hang Seng China Enterprises Index down 0.87% and the Hang Seng Tech Index down 1.4%.

Technology heavyweights are mostly lower, with Kuaishou, Meituan, Alibaba, Baidu, Xiaomi and Tencent all opening down, though NetEase up 0.87%. Tourism companies are sliding across the board after China’s top tropical holiday destination Sanya was hit by a new round of Covid outbreaks and imposed lockdown measures. Education companies are also lower.

Drugmakers and semiconductor companies are outperforming.

Chinese A-share open lower, with the benchmark Shanghai Composite Index down 0.25%, the Shenzhen Component Index down 0.24% and the tech-heavy Chinext Price Index down 0.54%.

Tourism companies are leading the losses China’s top tropical holiday destination Sanya city, Hainan province, was hit by a new round of Covid outbreaks and imposed lockdown measures. Shares of companies based in Hainan are trading lower. Home appliance makes and automakers are also retreating.

Semiconductor companies, real estate developers and Covid testing companies are outperforming.