April 7 Hang Seng Weakens After Long Holiday, Dropping from 2.5-Week High

(Vibiznews – Index) – Hong Kong stock exchange started trading this week with a significant drop in the price of shares in the technology and financial sectors after a long holiday. The Hang Seng Index at the end of the session on Wednesday (7/4/2021) fell from the 2.5-week high reached earlier in the session by profit taking by investors.

Investors made profit taking on big capital stocks such as Tencent Holdings shares and Lenovo shares which fell 3.75% and 4.07% respectively. Lenovo shares plunged for 3 consecutive sessions for the third consecutive session after the PC maker completed a years of patent battle with Finland’s Nokia.

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The daily Hang Seng Index closed down 263.94 points or 0.91% at 28,674.80. Thus the China Enterprise (HSCE) stock index with 60 leading shares ended down 1.31% to 11,070.58. The Hang Seng index futures for April 2021 moved negatively by weakening 390 points or 1.35% to the position of 28541.

By sector, the majority entered the red zone, led by the technology and financial sectors with decreases of 2.40% and 0.75% respectively. The most depressed financial stocks such as Hong Kong Exchanges shares fell 2.39% and ICBC HK shares fell 1.44%.

Jul Allens / Senior Analyst Vibiz Research Center-Vibiz Consulting

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