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Hong Kong stocks track slump in China’s economic data to end nearly 1% lower
China’s retail sales growth in November misses analysts’ estimates, while property investment slows further
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Hong Kong stocks fell as investors were disappointed with China’s monthly economic data, which showed that the country’s patchy economic recovery continued with a marked slowdown in consumption growth and property investment.
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The Hang Seng Index declined 0.9 per cent to 19,795.49 at close on Monday. The index has lost 14.3 per cent from the year’s peak in October, shedding HK$3.2 trillion (US$411 billion) in market capitalisation.
The Hang Seng Tech Index slumped 1.5 per cent. On the mainland, the CSI 300 Index lost 0.5 per cent and the Shanghai Composite Index fell 0.2 per cent.
China’s retail sales rose 3 per cent in November from a year earlier, missing analysts’ estimate of 5.3 per cent growth and down from the 4.8 per cent growth in October, according to official data released on Monday. Property investment fell 10.4 per cent from January to November, compared with the 10.3 per cent fall in the first 10 months of the year.
New-home prices in November, however, fell at the slowest pace in 17 months, after Chinese authorities launched a slew of easing measures to rescue the crisis-hit property sector.
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