Hong Kong stocks tread water as traders await China data, interim results
China due to release July data on foreign trade on Thursday and statistics on consumer and producer inflation over the weekend
The Hang Seng Index rose less than 0.1 per cent to 24,910.63 at the close. The Hang Seng Tech Index added 0.2 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index rose at least 0.2 per cent.
BYD Electronic International rallied 6.7 per cent to HK$37.80 and coal producer China Shenhua Energy added 3 per cent to HK$36.54. Tencent Holdings rose 1.7 per cent to HK$568.50. On the downside, electric vehicle maker Li Auto sank 5.4 per cent to HK$97.30 and peer BYD slipped 0.5 per cent to HK$111.60 on renewed concerns about a price war in the industry.
Investors are waiting for more data for insights into whether China’s faster-than-expected economic growth in the first half can hold up. With the Hang Seng Index up 24 per cent this year, more catalysts will be needed to power the bull run ahead after the positives of a detente of China-US tensions and the resilience of the economy have been priced in.
China is due to release July data on foreign trade on Thursday and statistics on consumer and producer inflation over the weekend. Exports probably held onto growth last month, rising 5.6 per cent from a year ago, while producer prices may have dropped 3.4 per cent for a 34th straight month of declines, according to the estimates of economists surveyed by Bloomberg.
Figures on credit supply and new loans may also come out this week, and the earnings season is in full swing, with Wharf Real Estate Investment, Semiconductor Manufacturing International and China Mobile due to disclose first-half reports this week.