Hong Kong stocks cap four-month losing streak as weak China manufacturing adds to slowdown risk, fund outflows
- The official PMI manufacturing index fell to 49.4 in November from 49.5 in October, deeper than consensus estimates
- Hang Seng Index fell for a fourth straight month, matching the worst losing streak since October 2022
The Hang Seng Index fell 0.4 per cent to 17,from a month ago, bringing a cumulative 15.1 per cent setback in successive monthly retreat since July 31. The last time the city’s benchmark fell by four months in a row was in July-October 2022.
The index climbed 0.3 per cent on Thursday to 17,042.88, after hitting a 12-month low earlier this week. The Tech Index dropped 0.3 per cent and the Shanghai Composite Index gained 0.3 per cent.
Tencent advanced 3.2 per cent to HK$327, while Longfor Group added 1.5 per cent to HK$13.84 and China Mobile advanced 1.3 per cent to HK$63.430, helping the index’s recovery in Thursday trading.
AIA Group led losers sliding 2.6 per cent to HK$67.40. EV maker BYD tumbled 0.9 per cent to HK$210 and peer Xpeng declined 0.7 per cent to HK$67.20 while Geely Auto tumbled 2.9 per cent to HK$8.51. JD.com lost 0.4 per cent to HK$106.20, while Alibaba Health dropped 3.9 per cent to HK$4.44.
China’s official PMI manufacturing index dropped to 49.4 from 49.5 in October, the statistics bureau said on Thursday, versus market expectations for an increase to 49.8. A reading below 50 indicates a contraction in activity.