Hong Kong shares drop 0.8pc, but have third straight weekly gain
Hong Kong shares fell from a one-month high, as investors on Friday trimmed gains in recent outperformers ahead of more China economic data that could disappoint.
The Hang Seng Index ended down 0.8 per cent to 21,277.3 points after closing on Thursday at the highest since June 10. But it rose for a third-straight week, up 2 per cent.
The China Enterprises Index of the top Chinese listings in Hong Kong shed 1.2 per cent. It still climbed 2.4 per cent this week, its best weekly showing in five months.
Hong Kong turnover was anemic, 13 per cent below its 20-day moving average ahead of Monday’s release on China’s second-quarter GDP data and June urban investment, industrial output and retail sales figures. Monthly money supply and loan growth data is also due by Monday.
China’s finance minister signalled that Beijing may be willing to tolerate second half economic growth significantly below 7 per cent.