Hong Kong stocks slump to 3-week lows on Middle East tensions, mood cautious ahead of China data dump

Hong Kong stocks slump to 3-week lows on Middle East tensions, mood cautious ahead of China data dump

15 Apr Hong Kong stocks slump to 3-week lows on Middle East tensions, mood cautious ahead of China data dump

Posted at 02:37h in Asia by

Hong Kong stocks declined to three week-lows as rising geopolitical tensions dealt a further setback to investor sentiment already rattled by last week’s export data shock. The mood has also turned defensive ahead of economic data due to be released during the week, including first quarter GDP, March industrial production, retail sales and employment rate which will provide clues about the recovery trajectory in the world’s second largest economy.

The Hang Seng Index declined 1 per cent to 16,562.79 as of 10am local time, hitting a level not seen since March 28. The Tech Index fell 1.8 per cent, while the Shanghai Composite Index added 0.1 per cent.

E-commerce group Alibaba Group slipped 2.2 per cent to HK$70.05, peer JD.com declined 2.3 per cent to HK$100, and Tencent retreated 1.4 per cent to HK$305. EV maker Li Auto slumped 4.1 per cent to HK$113.10 and rival BYD lost 1 per cent to HK$208.

Investors were already nervous after China’s export declined by 7.5 per cent from a year earlier in March, a government report on Friday showed. Those figures missed estimate and were in sharp contrast to the 7.1 per cent growth in combined figures for January and February. New yuan loans were also weaker-than-expected at 3.09 trillion yuan in March, a historical low.

Elsewhere, Zhejiang Hongxin Technology, a vehicle wheels manufacturer, surged 278 per cent from its IPO price to 40.35 yuan per share on its trading debut in Shenzhen.

Other key Asian markets retreated across the board following the Middle East tensions. Japan’s Nikkei 225 lost 1.4 per cent, South Korea’s Kospi Index tumbled 1.1 per cent, while Australia’s S&P/ASX 200 declined 0.6 per cent.

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