Market Update: HSI down 1.76% on virus resurgence fears

The Hang Seng Index (HSI) closed down by 513.81 points or 1.76% at 28,621.92 on Wednesday. This is due to Asian markets’ growing concerns over resurgence of COVID-19 outbreaks, weighing on global investor sentiments.

Bottom performers for the day were Anta Sports Product, with $131.30 or $7.67 in losses. This was followed by China Petroleum & Chemical which lowered by 5.88% or $4, and Haidilao International which declined by 3.91% or $50.4.

The Tech Index also went down 126.69 points or 1.52% at 8,185.00.

Aside from fears of renewed outbreaks, Asian markets were also a sea of red today as US equities worsened their reverses from last week’s record highs.

Meanwhile, major New York indexes reversed their two-day skid as small-caps surge and people look past the fear of COVID-19 resurgence.

S&P 500 closed the week 0.93% or 38.48 points higher at 4,173.42. Dow Jones Industrial rose 0.93% or 316.01 points at 34,137.31, whilst the NASDAQ grew 1.19% or 163.95 points at 13,950.22.

The London blue-chip index also ended higher amidst gains in stocks of AstraZeneca, BP, and Royal Dutch Shell.

FTSE 100 edged up 0.52% or 35.42 points to close at 6,895.29, whilst FTSE 250 inched down 0.10% or 22.82% to close at 22,085.73.