Hong Kong Market falls 2.6%

Hong Kong share market finished session steep lower on Wednesday, 22 June 2022, as risk sentiments weighed down by concerns about global growth prospects and ahead of congressional testimony by Federal Reserve Chair Jerome Powell later in the day.

Investors opted to book three day's profit and wait-and-see attitude ahead of congressional testimony by Federal Reserve Chair Jerome Powell later in the day for further clues about whether another 75-basis-point rate hike is on the cards in July.

At closing bell, the benchmark Hang Seng Index declined 551.25 points, or 2.56%, to 21,008.34. The Hang Seng China Enterprises Index was down 214.58 points, or 2.84%, to 7,335.

Leading the scant upside was Geely Automobile, up 4.1%, followed by China Mengniu Dairy, up 1.6%, and property-developer CK Asset, up 1.6%. On the downside was Alibaba Health Information Technology, off 13.9%, and smartphone-components maker Sunny Optical Technology, off 7.4%.

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