Hong Kong stocks close lower as materials weaken, cryptocurrency stocks dive

Bitfire group

24/05/2021 09:20

* HK->Shanghai Connect daily quota used 3.6%, Shanghai->HK
daily
quota used 1.7%
    * HSI -0.2%, HSCE -0.6%, CSI300 +0.4%
    * FTSE China A50 +0.6%

    May 24 (Reuters) - Hong Kong stocks closed lower on Monday,
as materials firms slid after China stepped up intervention in
the commodities market, even as cryptocurrency-related stocks
dived after Beijing's latest crackdown. 
    ** The Hang Seng index  .HSI  fell 0.2%, to 28,412.26, while
the China Enterprises Index  .HSCE  lost 0.6%, to 10,641.40
points.   
    ** Leading the declines, the Hang Seng materials index
 .HSCIM  dropped 2%, with Chalco  2600.HK  and Zijin Mining
Group Co Ltd  2899.HK  down 5.1% and 3.3%, respectively.
    ** China's market regulators warned industrial metal
companies to maintain "normal market order" during talks on the
significant gains in metals prices this year, the National
Development and Reform Commission (NDRC) said on Monday.
 urn:newsml:reuters.com:*:nL2N2NB01L   
    ** Investors tread carefully as they await U.S. personal
consumption and inflation figures this week.  urn:newsml:reuters.com:*:nL3N2NB02O 
    ** The diary has a crowd of Fed speakers this week,
including the influential Fed Board Governor Lael Brainard, and
markets will be keen to hear if they stick to the script on
being patient with policy.
    ** Digital currency and block-chain related stocks also
weakened, after China vowed to crack down on bitcoin mining and
trading activities.  urn:newsml:reuters.com:*:nL2N2N81JF  
    ** HK-listed Okg Technology Holdings Ltd  1499.HK , an
affiliate of crypto exchange OK Coin, Huobi Tech  1611.HK , an
affiliate of crypto exchange operator Huobi and BC Technology
Group  0863.HK  tumbled between 5% and 22%. 
    ** Cryptocurrency mining operators, including Huobi Mall and
BTC.TOP, are suspending their China operations after Beijing's
move.  urn:newsml:reuters.com:*:nL2N2NB02L   
    ** The Hang Seng tech index  .HSTECH  ended 1.9% lower, with
Chinese internet healthcare provider JD Health International Inc
 6618.HK  losing 6.3%. 

 (Reporting by the Luoyan Liu and David Stanway, editing by Ed
Osmond)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))