Market Update: HSI slips 0.37%

The Hang Seng Index (HSI) closed on Thursday down by 107.69 points or 0.37%, to finish at 28,793.14.

The worst performers for the day were Galaxy Entertainment Group, which dropped by 2.43% or $68.30. This was followed by Wuxi Biologics (Cayman) whose stock lowered by 2.06% or $104.80, and China Mengniu Dairy with 1.77% or $44.35 loss.

The Tech Index also slipped 82.75 points or 1.01% to 8,142.92.

Some major indexes in Asia were also in the red, mainly dragged down by Chinese stocks as recent upbeat economic data raised fears of tightening monetary policy.

On Wall Street, the S&P 500 and Dow Industrial indexes hit record highs on upbeat earnings, as well as strong rebound in March retail sales.

The S&P 500 climbed by 1.11% or 45.76 points to 4,170.42. The Dow Jones Industrial went up by 0.90% or 305.10 points closing at 34,035.99, whilst the NASDAQ climbed by 180.92 points or 1.31% at 14,038.76.

Meanwhile, the London blue-chip index rose to its highest level since February 2020 as a surge in metals prices lifted shares of several companies.

The FTSE 100 closed up by 0.63% or 43.92 points ending at 6,983.50. The FTSE 250 also went higher by 116.59 points or 0.52% closing at 22,472.04.