Hang Seng Drops 1.1%, Alibaba Leading the Loss
Hong Kong's Hang Seng Index fell 1.1%, or 284.92 points, to 25,058.51 on Thursday. This decline marked the biggest decline since late August, when the index plunged 1.3%. This also marked the third consecutive day of negative trading for the Hang Seng, reflecting continued pressure on Asian stock markets.
Alibaba Group Holding Ltd. was the largest contributor to the index's decline, with its shares plunging 3.2%. Meanwhile, Zhongsheng Group Holdings Ltd. recorded the sharpest decline, plunging 8.9%. Heavy selling in these two giant stocks further deepened the Hang Seng's decline today.
Overall, 56 of the 85 stocks listed on the index declined, while 27 stocks rose. Despite some gains, all sectors ended lower, with stocks in the trade and industrial sectors leading the decline. (ayu)
Source: Newsmaker.id