Hong Kong stocks slip on China deflation fears as consumer prices decline
Hong Kong stocks fell on Monday on investor worries about deflation after China reported a decline in consumer prices.
The Hang Seng Index fell 0.7 per cent to 24,064.95 as of 9.50am local time, paring some of the 5.6 per cent gain last week. The Hang Seng Tech Index lost 0.6 per cent. On the mainland, the CSI 300 Index slipped 0.5 per cent, while the Shanghai Composite Index lost 0.3 per cent.
Sportswear brand Li Ning slumped 2.7 per cent to HK$18.16 while hotpot chain Haidilao fell 1.9 per cent to HK$17.16. Travel booking platform Trip.com sank 2.4 per cent to HK$499.20.
Paring the losses, search-engine company Baidu jumped 2.8 per cent to HK$93.30, and electric car maker Li Auto added 2.3 per cent to HK$113.40. Short-video platform Kuaishou Technology gained 2 per cent to HK$65.
Official data released on Sunday showed that China’s consumer price index (CPI), a gauge for measuring inflation, fell 0.7 per cent in February from a year earlier, versus a 0.5 per cent gain in the previous month.
Two stocks debuted. Chifeng Jilong Gold Mining fell 0.4 per cent to HK$13.66 in Hong Kong, while Boretech Resources Recovery Engineering jumped 34 per cent to NT$87 in Taipei.
Other major Asia-Pacific markets strengthened. Japan’s Nikkei 225 added 0.3 per cent, South Korea’s Kospi advanced 0.6 per cent and Australia’s S&P/ASX 200 increased 0.3 per cent.
Source: SCMP
