![Hong Kong stocks at 3- week lows as China data points to patchy economic recovery](https://www.naphjas.com/wp-content/uploads/2024/04/f1f224bb-48e6-4029-86b6-80be1087394e_ccf6c477.jpg)
16 Apr Hong Kong stocks at 3- week lows as China data points to patchy economic recovery
The Hang Seng Index retreated 1.2 per cent to 16,397.06 as of 10.05am local time, the lowest since March 27, the Tech Index fell 1.9 per cent, while the Shanghai Composite Index lost 0.9 per cent.
E-commerce group Alibaba Group slipped 1.8 per cent to HK$69.10 and peer JD.com declined 1.6 per cent to HK$99.55. Insurance company AIA tumbled 3.8 per cent to HK$45.45. HSBC lost 1.5 per cent to HK$62.90 and Sun Hung Kai Properties declined 1.7 per cent to HK$70.10, leading losses among local lenders and developers.
The Hang Seng Index has declined nearly 5 per cent since its peak on April 10, giving up some of the 14 per cent gain since late January fuelled by Beijing’s stimulus package. That brings the loss this year to 3.7 per cent, taking it to the ranks of the worst performing major global markets.
Other key Asian markets declined, following the overnight retreat in the US market. Japan’s Nikkei 225 tumbled 1.8 per cent, Australia’s S&P/ASX 200 lost 1.2 per cent, while South Korea’s Kospi lost 1.9 per cent.