Update | Hong Kong stocks fall as casinos hit by Macau cash withdrawal limit report
Hang Seng Index eases 0.44 per cent to close at 22760.94
Hong Kong’s stock market closed lower on Friday led by casino shares which were hit hard after the South China Morning Post’s exclusive report on the upcoming limit on UnionPay users’ ATM withdrawals in Macau.
The Hang Seng Index dropped 0.44 per cent to close at 22760.9 on Friday, while the Hang Seng China Enterprises Index was down 0.29 per cent to 9,867.9.
Casinos were the worst performers, with Sands China, one of the most heavily traded stocks of the day, dropping 7.87 per cent to HK$34.55 and Galaxy Entertainment Group also slumping over 7 per cent to close at HK$35. Wynn Macau declined 7.1 per cent and SJM Holdings was knocked lower by 5.59 per cent.
The plunge in casino shares came after the Post reported that Macau was preparing to slash in half the amount of cash China UnionPay bank card holders can withdraw from ATM machines in the gambling hub, effective Saturday.
The daily withdrawal limit will be cut from 10,000 to 5,000 patacas, after as much as 10 billion patacas in China UnionPay ATM withdrawals were made in one month alone, according to the report.
UnionPay and the Macau Monetary Authority denied the report later on Friday.
