Hong Kong Stocks Extend Losses; Wing Lee Development Construction Plunges 15% in Debut

MT Newswires Live10-09

Hong Kong stocks mark a second day of losses as investor buying sentiment dampened amid continued disappointment over a lack of new stimulus measures by China's economic planner.

The Hang Seng Index fell 1.38%, or 289.55 points, at 20,637.24. The Hang Seng China Enterprises index lost 1.58%, or 118.08 points, at 7,365.59.

The Hong Kong stock market has lost steam after two weeks of a stock buying flurry as Beijing failed to unveil further support policies for the economy.

Real estate firms were among the top decliners, with Times China (HKG:1233), Midea Real Estate (HKG:3990), and Sunac China (HKG:1918) plunging 14%, 8%, 3%, respectively.

However, analysts believe the upward market momentum is far from fizzled out.

The right measures aimed at boosting the property sector and rekindling investor interest can still bring the market back on track, Seema Shah, chief global strategist of Principal Asset Management said and SCMP reported.

In corporate news, civil engineering company Wing Lee Development Construction (HKG:9639) made a weak trading debut on the Hong Kong bourse today, closing the day's trade at HK$0.62 per share, down 15% from its IPO price of HK$0.73 per share.

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