Hong Kong Market Slumps, Set for Steep Weekly Decline
Hong Kong stocks slumped 404 points, or 1.5%, to 26,488 in early Friday trade, snapping a three-day rebound as U.S. futures weakened sharply after Wall Street’s tech-led selloff showed little sign of easing. Mainland shares also fell for a second session, weighed by persistent concerns over China’s slowing momentum and weak demand ahead of the mid-February Spring Festival.
Investor caution also mounted ahead of January’s CPI and PPI data in China next week. In December, the annual inflation edged up to a near three-year high of 0.8% yoy while producer prices dropped 1.9%, extending a 39-month decline. The Hang Seng is on track for a steep weekly loss of over 3%, its first in four weeks, though sentiment was partly supported by strong IPO activity. Sector losses were broad, led by financials (-2%), property, and tech. Major laggards included AIA Group (-5.5%), Laopu Old (-3.7%), Zijin Mining (-3.1%), SenseTime Group (-3.0%), and SMIC (-2.2%).(Asd)
Sumber: Trading Economics
