Hong Kong stock market finished session steep lower on Friday, 22 January 2021, as worsening pandemic situation resulting in renewed lockdowns and tightened restrictions in China and overseas hurt sentiment.

At closing bell, the benchmark Hang Seng Index declined 1.6%, or 479.91 points, to 29,447.85. The Hang Seng China Enterprises Index dropped 1.78%, or 212 points, to 11,677.45.

The Hang Seng Index had risen more than 10% this year through Thursday when it surpassed the 30,000 level for the first time since May 2019. It still logged a 3.1% gain for the week, aided by record inflows of mainland cash through the southbound channels of the Stock Connect programme.

Concerns about Covid-19 infections remain high. China reported 103 new local cases on January 21, with outbreaks lingering in northern Hebei and Heilongjiang provinces.

CNOOC plunged 5.6% to HK$7.80, the most since November 30, after index compiler MSCI decided to delete the stock from the MSCI ACWI and MSCI China All Shares indexes.

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