Hong Kong stocks dragged down for third straight day by Delta virus worries, WuXi Biotech sell-off

Shares of Henan-based firms – Zhengzhou Coal Industry, Muyuan Foods and WH Group – hit as province is inundated with heavy rains

Wuxi Biologics led blue chips lower, declining 4.5 per cent after a substantial shareholder agreed to sell 80 million shares

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Hong Kong stocks fell on Wednesday, continuing a run of losses this week. Photo: AP Photo

Published: 10:43am, 21 Jul 2021Updated: 5:11pm, 21 Jul 2021

Hong Kong stock market fell for a third consecutive session, dragged down by insider selling in Wuxi Biologics and concerns over the rapidly spreading Delta coronavirus variant.

The benchmark Hang Seng Index ended 0.1 per cent lower at 27,224.58, after rising 0.3 per cent at the open.

Mainland markets bucked the trend, with the Shanghai Composite and the CSI 300 index of the biggest stocks in Shanghai and Shenzhen both rising 0.7 per cent.

Wuxi Biologics led declines among blue chips, falling 4.5 per cent to HK$131.80. A substantial shareholder of the company agreed to sell 80 million shares at HK$129.00, according to a filing to the stock exchange on Wednesday.

Anta Sports dropped 2.3 per cent to HK$179.50, while Haidilao eased 4.5 per cent to HK$42.80.

The highly infectious Delta coronavirus variant has fuelled a surge in infections globally, with countries including Indonesia, Malaysia and Thailand reporting record deaths. Economies that had been relying on border controls to crush the virus, such as Australia and Vietnam, have been exposed to the threat of infections abroad due to sluggish vaccination rates.