Hong Kong stocks track mainland lower on policy tightening fears ahead of GDP data Reuters 4 hrs ago
Popular Searches FTSE China A50 -1.1%
April 15 (Reuters) - Hong Kong stocks slipped on Thursday, largely in line with losses on the mainland, as recent upbeat economic data raised worries over policy tightening. At the close of trade, the Hang Seng index was down 107.69 points or 0.37% at 28,793.14. The Hang Seng China Enterprises index fell 0.85% to 10,905.89. The energy sub-index rose 0.5%, while the IT sector dipped 1.07%. The financial sector ended 0.45% lower, while the property sector rose 0.42%. The top gainer on the Hang Seng was CK Asset Holdings Ltd , which gained 2.23%, while the biggest loser was Galaxy Entertainment Group Ltd, which fell 2.43%.
VIP gross gaming revenue (GGR) in the Macau market was “bad” in the first quarter, “hovering at circa 20 percent of pre- Covid-19 levels,” said a Wednesday note from JP Morgan Securities (Asia Pacific) Ltd.
The mass segment had “fared better” in the three months to March 31, at 39 percent of pre- Covid-19 levels, estimated the institution in a lookahead for first-quarter earnings season for the six Macau casino operators.
The Macau government is yet to publish the data on the structure of market GGR for the first quarter.
JP Morgan noted that the first quarter had a “silver lining” in that VIP and mass respectively were better than the 15 percent and 38 percent of pre- Covid-19 GGR levels seen in the fourth quarter of 2020.
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A Macau delegate to a key advisory body to the Chinese government has tabled a proposal in Beijing that Macau should waive the need for visitors to produce a ‘negative’ Covid-19 test certificate, as long as the individuals concerned have proof they have been vaccinated against the disease.
Alex Lao Nga Wong is a member of the Chinese People’s Political Consultative Conference (CPPCC), which on Wednesday concluded its latest sitting in the Chinese capital, as part of the so-called ‘Two Sessions’; the other being that for the National People’s Congress (NPC).
Mr Lao, who has a travel agency business in Macau, suggested that such waiving of a test certificate for vaccinated travellers could be mutual for trips either side of the Macau-mainland boundary.
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