Hang Seng Slips 1.7%, Wall Street & China Property Weigh
Hong Kong stocks fell again at the start of trading on Friday (February 13), with the benchmark index falling 446 points (-1.7%) to 26,588. This decline extended losses to a second consecutive session, following Wall Street's sharp decline overnight, fueled by concerns about the impact of AI disruption on various sectors and business models.
Pressure intensified after the latest data showed that new home prices in China fell 3.3% year-on-year in January, the steepest decline in seven months. This figure underscores the significant challenge Beijing faces in stabilizing the property market—a factor that continues to weigh on risk sentiment, particularly in Asia.
Nearly all sectors declined, led by financial, consumer, and technology stocks. Several big names were the main drags, including Tencent Music (-9.2%), Wuxi Biologics (-4.2%), Meituan (-3.1%), AIA Group (-3.0%), and Trip.com (-1.9%).
However, the decline was partially offset by reports that Washington was delaying some technological security measures against Beijing ahead of a planned April meeting between US President Donald Trump and Chinese President Xi Jinping. On a weekly basis, Hong Kong's market performance was relatively unchanged, while trading will be closed Monday through Thursday next week due to the Lunar New Year period.
Source: Newsmaker.id
