Hong Kong stocks post weekly gain on policy hope after poor China industry data
The profit of Chinese industrial companies fell 7.3 per cent year on year in November for the fourth consecutive month, official data showed
The Hang Seng Index slipped less than 0.1 per cent to 20,090.46 at the close, paring the gain for the trading-shortened week to 1.9 per cent. The Hang Seng Tech Index advanced 0.7 per cent.
On the mainland, the CSI 300 Index dropped 0.2 per cent and the Shanghai Composite Index added 0.1 per cent.
Consumer companies, such as Haidilao International Holdings and China Mengniu Dairy, retreated on concerns that weakening consumer spending will dent earnings. Alibaba Group Holding dropped after agreeing to an e-commerce joint venture in South Korea.
Chinese industrial companies’ profit fell 7.3 per cent year on year for the fourth consecutive month in November, the National Bureau of Statistics said on Friday. In the first 11 months, net income fell 4.7 per cent, it said.
The data adds to the evidence that China needs to ramp up policy implementation to aid an uneven recovery, after top officials signalled more aggressive easing at a tone-setting economic work conference earlier this month.
Other key economic data for November showed retail sales growth stagnated and the downturn in the property market persisted.
