ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Nikkei Markets

Hong Kong shares slip as coronavirus cases jump

Twenty-seven Hang Seng constituents slip, while some heavyweights advance

HONG KONG (Nikkei Markets) -- Hong Kong shares slipped by the end of a choppy morning session on Thursday, as investors digested a jump in coronavirus cases out of China after new diagnostic criteria were used to confirm infections.

The Hang Seng Index lost 0.1% to 27,784.07 by noon after changing directions at least nine times. Insurers AIA Group and Ping An Insurance Group fell 0.9% each, contributing the most to the index's losses by points. Social media and gaming heavyweight Tencent Holdings added 1.1%, while London-headquartered lender HSBC Holdings edged 0.5% higher.

In the mainland, the Shanghai Composite Index declined 0.5%, heading for its first loss in eight days. The yuan traded onshore slipped 0.1% against the U.S. dollar to 6.9795.

The losses came as China's Hubei Province, the epicenter of the coronavirus outbreak, on Wednesday reported 14,840 new cases of the virus after revising the method used to confirm infections. It also reported 242 new deaths. The latest information took the total number of confirmed cases to over 60,000 and fatalities to 1,355. The province said it reviewed past suspected cases and was now including "clinically diagnosed" cases in daily reported numbers.

Hong Kong authorities, meanwhile, said schools will remain closed for two additional weeks than previously ordered, and will now reopen on March 16 instead of March 2. The city has so far reported 50 confirmed cases of the virus and one fatality.

"It is too early to determine if the epidemic is under control, and the newly confirmed cases won't help in making an accurate assessment," said Stanley Chik, head of research at Bright Smart Securities.

Pacific Textiles Holdings edged 1.4% lower in Hong Kong after saying it expects a delay in resuming its original production schedule at a plant in Panyu district of China's Guangdong Province. The company also said it expects product deliveries due in February and March to be delayed.

Restaurant operator LH Group declined 3% after saying it is temporarily suspending operations of all its "On-Yasai" and "Mou Mou Club" restaurants, effective Feb. 13.

Kin Yat Holdings jumped 23%. The maker of electrical and electronic products said three of its factories in Guangdong have resumed production with relevant approvals, with about a third of its total workforce reporting to work initially.

Powerlong Real Estate Holdings added 5.5% after saying it expects profit for 2019 to have increased at least 40% from a year ago.

-- Benny Kung

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends July 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more