Hong Kong Stocks End Flat as FDI Concerns Linger; Midea Real Estate Surges 70%

MT Newswires Live06-24

Hong Kong shares ended Monday's trade flat in negative territory amid ongoing concerns about declining foreign investment and a lack of anticipated policy interventions.

The Hang Seng Index, which was down at the opening, barely moved in red at 18,028. The Hang Seng China Enterprises index was also little changed at 6,441.

The muted performance comes against the backdrop of a concerning drop in foreign direct investment (FDI) into China. According to figures released on Friday, FDI into China fell 28.2% year over year in the first five months of 2024. The decline surpassed even the 27.9% drop for the January-April foreign direct investment figure.

In corporate news, Xi'an Kingfar Property Services (HKG:1354) launched its initial public offering in Hong Kong on Monday, looking to raise up to HK$155 million from the deal.

Shares of Midea Real Estate Holding (HKG:3990) surged 70% amid news of the proposed privatization of its property development wing.

Shares of Hang Yick Holdings (HKG:1894), on the other hand, closed nearly 6% lower as the company expects to have swung to loss in the fiscal year ended March 31.

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