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

05/24/2021 | 04:20am EDT

* 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 fell 0.2%, to 28,412.26, while the China Enterprises Index lost 0.6%, to 10,641.40 points.

** Leading the declines, the Hang Seng materials index dropped 2%, with Chalco and Zijin Mining Group Co Ltd 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.

** Investors tread carefully as they await U.S. personal consumption and inflation figures this week.

** 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.

** HK-listed Okg Technology Holdings Ltd, an affiliate of crypto exchange OK Coin, Huobi Tech, an affiliate of crypto exchange operator Huobi and BC Technology Group tumbled between 5% and 22%.

** Cryptocurrency mining operators, including Huobi Mall and BTC.TOP, are suspending their China operations after Beijing's move.

** The Hang Seng tech index ended 1.9% lower, with Chinese internet healthcare provider JD Health International Inc losing 6.3%. (Reporting by the Luoyan Liu and David Stanway, editing by Ed Osmond)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.25% 0.73808 Delayed Quote.-4.05%
BC TECHNOLOGY GROUP LIMITED -5.83% 13.56 End-of-day quote.-24.58%
BITCOIN - EURO -0.92% 34218.11 Real-time Quote.42.16%
BITCOIN - UNITED STATES DOLLAR -1.09% 40483.1 Real-time Quote.37.57%
BRITISH POUND / US DOLLAR (GBP/USD) -0.07% 1.39179 Delayed Quote.1.57%
BTC HEALTH LIMITED -1.23% 0.08 End-of-day quote.-8.05%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.06% 0.79927 Delayed Quote.1.51%
EURO / US DOLLAR (EUR/USD) -0.10% 1.182 Delayed Quote.-3.09%
HANG SENG -0.80% 26225.47 Real-time Quote.-3.69%
HUOBI TECHNOLOGY HOLDINGS LIMITED -1.19% 9.98 End-of-day quote.61.23%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.03% 0.013492 Delayed Quote.-1.53%
JD HEALTH INTERNATIONAL INC. -2.70% 75.55 End-of-day quote.-49.63%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.04% 0.70444 Delayed Quote.-1.90%
OKG TECHNOLOGY HOLDINGS LIMITED 0.00% 0.285 End-of-day quote.15.85%
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