02 Jan Hong Kong stocks make a dismal start to 2024 after China PMI report hints at sustained economic weakness
Hong Kong stocks make a dismal start to 2024 after China PMI report hints at sustained economic weakness
The Hang Seng Index fell 0.8 per cent to 16,907.16 as of 9.49am local time. The Hang Seng Tech Index shed 0.7 per cent and the Shanghai Composite Index retreated 0.1 per cent.
E-commerce giant Alibaba Group dropped 1.4 per cent to HK$74.55 and its peer JD.com lost 3.3 per cent to HK$108.80. Chinese electric-vehicle maker Li Auto slumped 5 per cent to HK$139.90 and drug maker Wuxi AppTec lost 4.1 per cent to HK$76.05. Chinese sportswear maker Li Ning fell 3.6 per cent to HK$20.20.
The Hang Seng Index fell 14 per cent last year, making it the worst among major stock gauges globally. The four consecutive years of annual declines was the longest losing streak on record for the 82-member benchmark during which the index tracking Asia’s third-largest market has lost over 40 per cent. The entire market lost more than US$520 billion in value in 2023, according to Bloomberg data.
Other major Asian markets were mixed. South Korea’s Kospi retreated 0.2 per cent and Australia’s S&P/ASX 200 added 0.3 per cent. Japan’s market is closed for a public holiday.
