Hong Kong stocks hover near 14-month low as cautious investors expect mixed China economic data

The Hang Seng Index fell 0.2 per cent to 16,182.02 as of 10am local time to hover around a 14-month low. The Tech Index was little changed while the Shanghai Composite Index added 0.2 per cent.

Alibaba lost 0.5 per cent to HK$69.65, and peer JD.com lost 1 per cent to HK$95.70 while Tencent dropped 0.8 per cent to HK$287.20. HSBC Holdings fell 2.2 per cent to HK$59.60. Sportswear maker Li Ning slid 0.8 per cent to HK$17.70, while rival Anta weakened 0.7 per cent to HK$73.60.

Sentiment remains cautious as investors expect economic data due Wednesday, the last batch of major 2023 data, to paint a mixed picture. China’s gross domestic product likely increased 5.2 per cent last year, according to economist forecasts compiled by Bloomberg, in line with Beijing’s target. Industrial production is expected to have expanded 6.7 per cent in December, compared with the 6.6 per cent growth in November, while retail sales likely expanded 8 per cent in December, versus 10 per cent growth in the previous month.

Elsewhere, Beilong Precision Technology surged 184 per cent to 61.06 yuan per share on the first day of trading in Shenzhen.

Other major Asian markets were mixed. Japan’s Nikkei 225 climbed 0.9 per cent, while South Korea’s Kospi and Australia’s S&P/ASX 200 were little changed.