Hong Kong Market tumbles 2.1%

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Hong Kong share market finished session steep lower on Tuesday, 21 May 2024, as profit booking resumed on waning optimism over China’s latest housing rescue plan due to concerns of insufficient funding to clear a massive stock of housing inventory. Market selloff pressure intensified further amid concerns about corporate financial performances after Li Autos earnings fell short of market expectations.

At closing bell, the benchmark Hang Seng Index stumbled 415.60 points, or 2.12%, to 19.220.62. The Hang Seng China Enterprises Index dropped 144.02 points, or 2.07%, to 6,820.97.

Shares of EV maker Li Autos plunged 19.3% to HK$80.65, after it reported a 37% decline in first quarter earnings to 591.1 million yuan (US$81.7 million) amid a bruising price war. Its peers also tumbled with BYD declining 4.4% to HK$217, Geely losing 3.8% to HK$10.24, and Xpeng tumbling 10.5% to HK$30.65 ahead of its earnings announcement later today.

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