Hong Kong Stocks Extend Losing Streak as Yuan Tumbles to 7-Month Low; Zhonggan Communication Launches IPO

MT Newswires Live06-21

Hong Kong stocks closed the week in red, slipping for a second straight day at the end of Friday's session, as investors remain cautious amidst the yuan hitting a seventh-month low against the US dollar.

The Hang Seng Index shed 1.7%, or 306.8 points, at 18,029. The Hang Seng China Enterprises index lost 1.8%, or 116.3 points, at 6,440.

The Peopleâs Bank of China set its daily reference rate for the managed currency at 7.1196 yuan per US dollar on Friday, the lowest in seven months, driven by major foreign portfolio outflows and control measures put into place by the bank, according to a report by South China Morning Post.

In corporate news, Zhonggan Communication (Group) Holdings (HKG:2545) launched its initial public offering in Hong Kong, looking to raise up to HK$200 million from it.

China Evergrande New Energy Vehicle Groupâs (HKG:0708) shares soared 56% on Friday's close amid news of Tencent Holdings (HKG:0700) and Sequoia Capital buying HK$4 billion of shares in the health management and new energy vehicle company.

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