Hong Kong stocks log worst week since October on poor JD.com, AIA report cards while Kaisa sinks on return
- JD.com led losses in benchmark stocks after revenue growth slowed last quarter, while AIA reported a smaller operating profit
- The Hang Seng Index declined 6.1 per cent for the week, its biggest weekly setback since October
The Hang Seng Index slumped 3 per cent to 19,319.92 at the close of Friday trading, bringing the drop to 6.1 per cent this week. The Tech Index fell 3.8 per cent, while the Shanghai Composite Index in Shanghai retreated 1.4 per cent.
JD.com sank 11 per cent to HK$158.70, after its fourth-quarter revenue growth slowed to 7 per cent from 23 per cent a year earlier. AIA slid 4.6 per cent to HK$81.55 after reporting a 1 per cent drop in operating profit.
Alibaba Group weakened 4 per cent to HK$81.15 and Tencent lost 2.5 per cent to HK$331.60. BYD tumbled 8.1 per cent to HK$201.20 and Geely Auto declined 5.5 per cent to HK$9.47.
“What we are seeing now is a weak economic recovery and disappointing earnings results so far,” said Wang Zheng, chief investment officer at Jingxi Investment Management in Shanghai. The market is worried the recent run-up has no fundamental support, he added.