Hong Kong Stocks Post Five-Day Rout; Bloks Surges 41% as Numans Health Flops in Debut

MT Newswires Live
01-10

Hong Kong stocks ended lower on Friday, extending the losing streak to a fifth session, as sentiment remained downbeat due to concerns over US-Sino trade tensions.

The Hang Seng Index retreated 0.92%, or 176.60 points, to end the week at 19,064.29. The Hang Seng China Enterprises Index declined 1.16%, or 80.82 points, to 6,898.15.

"The first half of the year is likely to be more volatile in terms of stock market performance, especially as US-China bilateral tensions are expected to escalate shortly after the new administration takes office," Edith Qian, an analyst at CGS International, was quoted by South China Morning Post as saying.

Compounding the gloomy mood were expectations of moderation in US non-farm payrolls, which prompted traders to push back rate-cut bets.

In corporate news, market debutants moved in opposite directions on their first day of trading.

Chinese toymaker Bloks Group (HKG:0325) had a stellar trading debut as it closed at HK$85 per share, up 41% from its IPO price of HK$60.35.

On the other hand, nutritional products distributor Numans Health Food Holdings (HKG:2530) finished at HK$0.69 per share, down nearly 14% from its listing price of HK$0.80.

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