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Published: 18:28, March 08, 2022
Hong Kong stocks end lower on Ukraine crisis, inflation worries
By Agencies
Published:18:28, March 08, 2022 By Agencies

SHANGHAI - Hong Kong stocks extended losses to close lower on Tuesday after hitting troughs in the previous session, as little progress in Ukraine talks, inflation worries, and domestic coronavirus outbreaks weighed on markets.

The Hang Seng Index fell 1.4 percent to 20,765.87, the lowest since July 8, 2016. The China Enterprises Index lost 2.4 percent to 7,237.80, the lowest since March 12, 2009.

The Hang Seng Tech Index extended losses by 3.2 percent to a new low, while Alibaba edged up 0.9 percent.

Mainland developers listed in Hong Kong declined 4.3 percent, with Logan Group plunging 13.2 percent after Fitch and Moody’s downgraded the developer, citing large amount of debt maturities in the next nine months and increasing refinancing risks.

Yuzhou Group fell 10.4 percent as it failed to make payment of $21.25 million interest on the 8.5 percent senior notes due 2023.

Consumer staples and energy stocks tumbled roughly 4.3 percent each, while materials plummeted 6.4 percent.

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