Hong Kong stocks fell as surging Covid-19 cases in Shanghai heightened concerns about further lockdown in China’s main commercial hub, clouding the outlook for corporate earnings amid a slowdown. A late rally in property stocks failed to overturn the tide. The Hang Seng Index weakened 0.8 per cent to 21,872.01 from last Friday. The Tech Index retreated 2.2 per cent for the week, while the Shanghai Composite Index declined 0.1 per cent. Alibaba Group Holding led losses among Chinese Big Tech, falling 1.3 per cent to HK$103.80 in Friday trading. Its five-day decline amounted to 2.5 per cent. JD.com lost 1.5 per cent to HK$222.40 from a week ago. Analysts trimmed their price targets for both companies over the past two months on earnings challenges, Bloomberg data showed. Shanghai remains in lockdown with 21,222 new infections over the past 24 hours, rewriting the daily record for the seventh day. An extended lockdown could hurt production at some of the biggest companies with facilities there, including chip makers SMIC and Hua Hong Semiconductor and car maker SAIC Motor. Shanghai’s symptomatic cases more than double to 824 as city rewrites records for the seventh day “More stringent mobility restrictions in Shanghai and the risk of spillover measures in other cities pose downside risks to first-half GDP growth, especially if lockdowns extend well beyond April,” said UBS’ chief investment office in a note published on Thursday. A late rally in property developers on Friday cushioned the blow. Country Garden jumped 3.4 per cent to HK$6.63 while China Overseas Land rose 3.7 per cent to HK$26.75. JPMorgan analysts said most of the negatives in the industry have materialised, Bloomberg reported. Stocks struggled for momentum this week as Covid-19 lockdowns began to take a toll on the economy. Lack of truck drivers has curtailed the transport of goods, causing cargo volume at Shanghai Port to fall by 40 per cent from its usual level, the European Union Chamber of Commerce in China said on Wednesday . On-demand service giant Meituan launches urgent deliveries as Shanghai extends Covid-19 lockdown In the last two weeks of March, cities with mid- and high-risk districts accounted for one-third of China’s GDP, according to Goldman Sachs, expecting production disruptions in provinces that imposed tight restrictions. While policymakers in Beijing have vowed to support the real economy, they have been cautious with the easing or stimulus measures to date. The central bank last month refrained from cutting policy rates tied to the one-year medium-term lending facility amid concerns about commodity-fuelled inflation. Rigol Technologies, a maker of electronic measuring instruments, slumped 35 per cent, the only company to debut in Shanghai on Friday. Major Asian markets rose on Friday. Japanese and Australian shares gained at least 0.4 per cent and South Korean stocks strengthened 0.2 per cent.