Hong Kong Stocks Extend Losing Streak; Zhongmiao Gains 5% in Debut

MT Newswires Live08-06

Hong Kong stocks wiped gains in the morning session to end lower on Tuesday, as overall sentiment remained cautious amid worries about the health of the world's two biggest economies.

The Hang Seng Index shed 0.31%, or 51.02 points, to finish at 16,647.34. The Hang Seng China Enterprises index lost 0.41%, or 24.03 points, to close at 5,852.61.

Investors in the local equities market became risk-averse due to fears of a US recession and renewed concerns about China's economic recovery.

In corporate news, Zhongmiao Holdings (Qingdao) (HKG:1471) gained on its trading debut. The insurance agency service provider closed at HK$7.35 per share, up 5% from its IPO price of HK$7.

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