Hong Kong stocks extended their slide to close the week in red as sentiment weakened amid a continued sell-off in tech stocks and disappointing earnings from large-cap companies.
The Hang Seng Index slid 2.19%, or 530.23 points, at 23,689.72. The Hang Seng China Enterprises index also fell 2.32%, or 207.74 points, at 8,742.44.
Investor sentiment dampened after major tech stocks failed to recover from a prior day slide and ended the week in red.
Among others, Semiconductor Manufacturing International or SMIC (HKG:0981, SHA:688981) fell 7%, with e-commerce giant Alibaba Group (HKG:9988) closing 4% lower.
Lackluster earnings from several large companies further added to the downbeat mood. Among decliners, property developer CK Asset (HKG:1113) fell 6% after its 2024 attributable profit fell 20% year over year to HK$13.7 billion.
Conglomerate CK Hutchison (HKG:0001) also slid 4% after logging a 27% drop in attributable profit for the year 2024 to HK$17.1 billion. CK Hutchison has been facing backlash for its decision to sell a stake in Panama Port operators to a consortium led by US firm BlackRock.
Positive economic data offered little encouragement to investors. Hong Kong's gross domestic product grew 2.4% year over year in real terms in the fourth quarter of 2024, outpacing the 1.9% increase in Q3.
Hong Kong's consumer prices also rose 1.4% year over year in February, slower than the 2% boost seen in January.
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