Hong Kong stocks ignore upbeat China GDP data as trade war remains in focus
China’s economy grew 5.4 per cent in the first quarter, exceeding Bloomberg’s estimates of 5.2 per cent
The Hang Seng Index closed 1.9 per cent lower at 21,056.98, the first decline in seven days. The Tech Index slumped 3.7 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.3 per cent.
The declines were led by mainland Chinese tech giants. On-demand delivery service provider Meituan slumped 8.1 per cent to HK$134.90, e-commerce giant JD.com declined 7.3 per cent to HK$138.00 and Alibaba Group Holding slipped 4.1 per cent to HK$105.40.
Some stocks defied the overall market mood. Hong Kong power utility CLP Holdings advanced 1.6 per cent to HK$64.45 and developer Sun Hung Kai Properties rose 1.5 per cent HK$70.45. HSBC Holdings added 1 per cent to HK$79.55.
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China’s economy grew 5.4 per cent in the first three months of the year, exceeding Bloomberg’s estimates of 5.2 per cent. The first-quarter gross domestic product (GDP) was supported by front-loading of exports in anticipation of higher US tariffs, matching the 5.4 per cent growth in the fourth quarter.
Retail sales rose 5.9 per cent year on year in March, compared with 4 per cent in the first two months. Industrial production surged by 7.7 per cent, well above the expected 5.9 per cent.