Hong Kong stocks slip, index ends week in red on jitters before China’s key economic data
- China’s statistics bureau is due to announce industrial production, retail sales and fixed-asset investment data for May on Monday
The Hang Seng Index fell 0.9 per cent to 17,941.78 at close, taking its weekly loss to 2.3 per cent. The Hang Seng Tech Index dropped 0.8 per cent but the Shanghai Composite Index added 0.2 per cent.
Jewellery retailer Chow Tai Fook led the declines among the benchmark constituents after a disappointing dividend payout and a weak sales report. Luxury liquor-maker Kweichow Moutai briefly slumped to year-lows on falling product prices.
Investors are gearing up for a data-packed Monday, when China’s statistics bureau is due to announce industrial production, retail sales and fixed-asset investment numbers. China’s central bank may also release the figures on new lending and aggregate financing over the weekend, and is scheduled to announce policy and market-oriented lending rates next week.
“There might be some back and forth in the path to the economic recovery,” said Yao Liqi, an analyst at Shenwan Hongyuan Group. “Investors are now waiting for the efficacy of the policy support, particularly that of the rescue measures for the property market.”
Trade tensions simmered in the wake of the European Commissions additional levies on the imports of Chinese electric vehicles. Chinese pig-breeders were planning to ask the government to start an anti-dumping investigation into the pork imports from Europe, the state-run Global Times reported.
