Hong Kong: Stocks end week lower as global coronavirus cases cross 1 million

[HONG KONG] Hong Kong stocks slipped on Friday to end the week lower, as risk-averse sentiment strengthened on continued spread of the coronavirus with infections surpassing one million globally.

At the close of trade, the Hang Seng index (HSI) was down 43.95 points, or 0.19 per cent, at 23,236.11. The Hang Seng China Enterprises (HCSE) index fell 0.37 per cent to 9,491.1.

The sub-index of the Hang Seng tracking energy shares dipped 2.5 per cent, while the IT sector fell 1.08 per cent, the financial sector ended 0.59 per cent lower and the property sector dipped 0.13 per cent.

The top gainer on the Hang Seng was China Unicom Hong Kong, which rose 5.91 per cent, while the biggest loser was PetroChina, which fell 5.56 per cent.

For the week, the HSI lost 1.1 per cent, while HSCE shed 0.1 per cent.

Global coronavirus cases surpassed one million on Thursday with more than 52,000 deaths, as the pandemic further exploded in the US and the death toll climbed in Spain and Italy, according to a Reuters tally of official data.

The latest survey of China's economy pointed to more signs of damage from the pandemic. China's services sector struggled to get back on its feet in March after a brutal month of unprecedented shop closures and public lockdown amid the outbreak, a private survey showed.

Business activity in Hong Kong deteriorated further in March, a private survey showed, as demand, output and confidence plunged amid the deepening pandemic.

Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.46 per cent, while Japan's Nikkei index closed up 0.01 per cent.

The yuan was quoted at 7.0889 per US dollar at 08:15 GMT, 0.1 per cent weaker than the previous close of 7.0821.

At close, China's A-shares were trading at a premium of 27.21 per cent over Hong Kong-listed H-shares.

REUTERS