HK shares weighed down by technology sector

Reuters2021-05-10

May 10 (Reuters) - Hong Kong shares edged lower on Monday as the technology sector fell amid Beijing's deepening anti-trust war, outweighing gains in energy firms and vaccine makers.

The Hang Seng index fell 0.1%, to 28,595.66, while the China Enterprises Index lost 0.5%, to 10,651.07.

The Hang Seng Tech index dropped 0.9% amid signs regulators are ramping up a campaign to rein in the clout of tech giants. On Saturday, China's internet watchdog announced a ban on some mobile app notifications.

Index heavyweight Alibaba fell over 2%, while Meituan tumbled more than 7%.

Meanwhile, China Mobile Ltd , China Unicom and China Telecom Corp all dipped, after the three Chinese telecommunications companies said on Friday they would be delisted by the New York Stock Exchange in line with U.S. investment restrictions dating to last year.

Shares of healthcare firms soared, as vaccine makers rebounded from last week's drubbing after a U.S. proposal to waive patents for COVID-19 jabs met with fierce opposition from European governments and pharmaceutical giants.

Shanghai Fosun Pharmaceutical's shares jumped 25% in Hong Kong, after the drugmaker said a subsidiary had agreed to provide a factory to make the COVID-19 vaccine developed by BioNTech in China. ** Energy shares rose sharply, after a cyber attack shut down a U.S. pipeline operator that provides nearly half of the U.S. east coast's fuel supply, spurring oil and gas futures prices.

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Andylow86
2021-05-10
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