Hong Kong Shares Extend Losses on Weak Economic Data; China Resources Beverage Eyes Over HK$5 Billion from IPO
Hong Kong stocks dropped on Tuesday, extending losses for a second day straight as weak economic data further put a damper on hopes of economic growth in the absence of additional stimulus measures.
The Hang Seng Index fell 3.67%, or 774.08 points, at 20,318.79. The Hang Seng China Enterprises Index lost 3.99%, or 302.11 points, at 7,277.83.
Market leaders including tech firm Tencent (HKG:0700), food delivery company Meituan (HKG:3690), and e-commerce giant Alibaba (HKG:9988) led the decline, with shares falling 4%, 7%, and 5%, respectively, at the close of trading Tuesday.
Source: Bloomberg