Hong Kong stocks drop by most in four weeks as Anta placement, Covid-19 cases roil markets and tech losses deepen
- Hang Seng Index snapped a three-day advance, as Anta Sports Products fuelled losses with a stake sale at a discount by major shareholder
- Rising cases of Covid-19 are also troubling markets in the region, hitting travel, tourism and casino stocks
The Hang Seng Index lost 1.8 per cent to 28,621.92 at the close of trading on Wednesday, set for the biggest one-day pullback since March 24. The gauge had risen in the past three days to a four-week high. The Shanghai Composite Index was little changed at 3,472.93.
Anta Sports Products slumped 7.7 per cent to HK$131.30, the lowest level since April 9 and the by the most in more than a year. Anta International, which owns 50.8 per cent of the Chinese apparel maker, will sell 88 million shares or a 3.26 per cent stake at HK$131.48 each, according to an exchange filing on Wednesday. That is a 7.5 per cent discount to its last traded price on Tuesday.
Coronavirus infections soared in India. New cases reached 294,000 on Tuesday, the second highest daily record among all nations. In Japan, Tokyo and Osaka governors have requested the government to reimpose a state of emergency to stem the outbreak.