The Slump in Macau Caused Hong Kong Stocks to Drop

By | December 29, 2021

On Tuesday 14, December 2021, the Hong Kong stock market experienced a crash, followed by the fall of the Macau casino shares. According to the latest financial news, it was caused by the first case of Omicron that was detected in Macau.

The situation on the stock market was not good even before because it was suffering from the debts on the property sector from one side, and Beijing’s crackdown from another side. Consequently, the Hang Seng Tech Index went lower by 1%, and Shanghai Composite Index decreased by 0.2%. But it was nothing compared to the drop of the Macau casino shares, which decreased by 6.1%, getting second place among the biggest losers.

The most significant loss was related to the Hang Seng Index, which experienced a drop of almost 7%. This loss remains the most crucial one among national gauges, which Bloomberg tracks.

In addition to these losses, several giants (Alibaba Health Information Technology, Tencent Holdings) lost their value by 2.2+%.

The fall of the shares was provoked by concerning the possibility that Macau’s government would tighter the rules of the border control in Macau due to the first case of Omicron. But the local governors didn’t prove this fact.

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