Hong Kong Stocks Close Lower Following Mixed Session on Wall Street

MT Newswires Live05-29

Hong Kong stocks ended lower on Wednesday's close following Wall Streetâs mixed session after a three-day holiday weekend.

Meanwhile, investors are evaluating whether Chinaâs recent easing of restrictions and offering cut down on property down-payment ratio will positively impact home sales and whether the governmentâs measure will help stabilize the marketâs growth.

The Hang Seng Index fell by 1.83%, or 344.15 points, to close Wednesdayâs session at 18,477.01. The Hang Seng China Enterprises Index also fell by 1.92%, or 128.65 points, to close Wednesdayâs session at 6,557.48.

In corporate news, Progressive Path Group Holdings (HKG:1581) fell nearly 7% at market close, as the company disclosed that it expects to book a net profit attributable to the owners for the year ended March 31, 2024, compared with a net loss of roughly HK$22.0 million in the previous year.

GOME Retail Holdings (HKG:0493) issued 128.6 million conversion shares to bondholder Danube Innovation to partially pay for the 145 million yuan bonds, raising the company shares by nearly 6% at Wednesdayâs close.

Alphamab Oncology's (HKG:9966) phase 3 clinical trials for the combination of the KN046 drug with nab-paclitaxel/gemcitabine to treat unresectable or metastatic pancreatic ductal adenocarcinoma did not reach overall survival statistical endpoint, resulting in a decrease of nearly 45% in the companyâs shares at Wednesdayâs close.

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