SINGAPORE: Hong Kong shares slipped in holiday-thinned trade on Monday, weighed by another batch of underwhelming Chinese economic data.
China stocks slip in thin trade amid muted investor sentiment
At the midday break, Hong Kong’s Hang Seng Index was down 0.29% at 17,318.16. Chinese H-shares listed in Hong Kong fell 0.35% to 6,049.99.
Mainland stock, bond and foreign exchange markets were closed for the mid-autumn festival break and will resume trading on Wednesday Sept. 18. Hong Kong markets will remain closed on Sept. 18.
The top gainer on the Hang Seng was New World Development , which added 2.49%, while the biggest loser, car dealer Zhongsheng Group Holdings, shed 5.21%.
The three biggest H-shares percentage decliners were J&T Global Express, which was down 7.67%, China Resources Land, which fell 3.98%, and Longfor Group Holdings , which slipped 3.74%.
Home builders’ shares were sold as data over the weekend showed China’s new home prices fell 5.3% from a year earlier in August, with supportive measures failing to spur a meaningful recovery.
China industrial output also slowed to a five-month low, increasing market speculation that extra stimulus will be needed to achieve China’s annual growth target.
About 483.54 million Hang Seng index shares were traded, roughly 19.1% of the market’s 30-day moving average.
Interbank rates in Hong Kong slid to their lowest in years, partly in anticipation of falling US interest rates but also reflecting high cash balances and little confidence to invest in Hong Kong equities.
Around the region, MSCI’s Asia ex-Japan stock index gained 0.33%, though thinned by holidays around Asia, while the Japan market was closed for a holiday.
Source: Brecorder
