China stocks rise on stronger economic data, while Hong Kong stocks retreat ahead of Trump inauguration
Hong Kong and mainland stocks ended mixed on Friday as China reported faster than expected fourth quarter GDP growth while worries about possible interest rate rises in the US weighed on the property sector.
The benchmark Hang Seng Index lost 0.7 per cent, or 164 points, to 22,885 at the close, while the China Enterprises Index lost 0.8 per cent to 9,715.
The benchmark index lost a modest 0.2 per cent this week.
Property developers and utilities firms retreated more than 0.8 per cent on Friday after the Federal Reserve chairwoman Janet Yellen said on Thursday that the US central bank should gradually raise interest rates, noting the risk of the US economy overheating.
The property sector led the decline as CK Property slumped 2.2 per cent to HK$50.95 per share.
Kunlun Energy Company was the best performer in the afternoon session among the 50 blue chips, with its shares rising 3.2 per cent to HK$6.16. However, offshore oil producer CNOOC performed the worst among blue chips, closing down 2 per cent to HK$9.8, after the management forecast a lower output and rising capital expenditures in 2017.