HSI loses ground on fresh Covid fears

Hong Kong and Shanghai stocks finished lower on Tuesday with investors worried about the economic impact of a fresh Covid outbreak in China that has forced officials to lockdown millions to prevent its spread.

The Hang Seng Index shed 0.36 percent, or 93.76 points, to 26,038.27.

The Shanghai Composite Index slipped 0.34 percent, or 12.22 points, to 3,597.64, while the Shenzhen Composite Index on China’s second exchange eased 0.36 percent, or 8.83 points, to 2,424.39.

Asian markets mostly rose following fresh records on Wall Street, with healthy corporate earnings overshadowing ongoing concerns about inflation, while progress in Washington on US President Joe Biden’s big-spending economic plans also provided support. (AFP)