Update | Hong Kong stocks slip on profit taking on financials, ends week up 1pc
Mainland equities rise as liquor giant Kweichow Moutai climbs on increased first-half profits. Chinese property developers see losses
Hong Kong stocks slipped on Friday as investors took profits on financials, paring this week’s strong gains, and following overnight losses in US technology stocks.
But analysts expect a slew of positive company earnings reports in coming weeks to stabilise the market.
A series of company earnings results will be announced in the coming week.
The Hang Seng Index slipped from Thursday’s highest level in 25 months, falling 0.6 per cent or 151.78 points to 26,979.39. The gauge rose 1 per cent for the week, a third straight weekly gain.
The Hang Seng China Enterprises index slid 0.9 per cent or 102.11 points to 10,756.08. Mainland equities rose as liquor giant Kweichow Moutai climbed on increased first-half profits.
Chinese property developers saw losses, with Gemdale shedding 2.6 per cent to HK$0.74 and Greentown China sliding 1.2 per cent to HK$10.22. Hong Kong developers, however, rose slightly. Sun Hung Kai Properties was up 1.8 per cent to HK$121.4, Hang Lung Property was 1.1 per cent higher at HK$19.54.