There was no respite for Hong Kong stocks on the first day of trading in 2024 following four years of declines, after latest PMI data showed factory activity in the world’s second largest economy contracted.
Fund managers are still not convinced it’s time to buy Chinese stocks, as China’s economy struggles to regain growth momentum. JD.com and Tencent lead losses.
Local stocks retreat amid concerns about China’s property market slump. Nio bucks the trend, after getting a second fund injection from Abu Dhabi. Gansu-based companies slip after an earthquake hit the province.
Stocks retreat as China’s weak recovery outlook worries investors. Xpeng slumps as Alibaba Group unveils stake reduction plan, while SenseTime sinks after the death of its founder.
The repurchasing spree has come as the Hang Seng Index heads for an unprecedented fourth straight year of decline, as China’s slowdown and aggressive interest-rate hikes in the US trigger foreign outflows.