Hong Kong Market falls on recession woes

Hong Kong share market finished session lower on Wednesday, 29 June 2022, snapping four days winning streak, as investor risk sentiments weighed down by tracking an overnight fall on Wall Street and other regional bourses.

The selloff was due to growing fears that global central banks'measures to rein in inflation would push economies into recession, tempering a relief rally in mainland Chinese stocks from easier quarantine rules.

At closing bell, the benchmark Hang Seng Index fell 422.08 points, or 1.88%, to 21,996.89. The Hang Seng China Enterprises Index was down 199.12 points, or 2.52%, to 7,694.64.

Among blue chips, Alibaba Group Holding lost 3.1% to HK$114.50, while NetEase dropped 4.1% to HK$145.20. Meituan fell 2.3% to HK$202.80, while Li Ning and Anta Sports retreated at least 3%.

Shares of car makers declined. Shares in electric-car maker Nio sank 11.4% to HK$165.50, as a short seller alleged the company inflated revenue figures, which Nio denied. XPeng fell 7.4% to HK$125.10 and Li Auto retreated 8.8% to HK$144.30. Geely Auto plunged 8.2% to HK$17.50. BYD lost 5% to HK$315.

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