Hong Kong Stocks Slip in Weekly Setback After Weak Manufacturing Report Renews Pressure

South China Morning Post03-01

Hong Kong stocks fell for a third day after an official report showed a slump in manufacturing in China persisted last month, suggesting stronger economic stimulus measures are needed to achieve a ...

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The Tech Index dropped 0.1 per cent while the Shanghai Composite Index declined 0.1 per cent.Online game operator NetEase slumped 3.8 per cent to HK$169.50 after fourth-quarter revenue trailed market consensus. New World Development weakened 3.6 per cent to HK$9.52 after revenue fell 25 per cent in the second half of 2023. Alibaba Group slipped 0.7 per cent to HK$72.35 and Tencent lost 1.4 per cent to HK$273.40.China’s PMI manufacturing index fell to 49.1 in February versus 49.2 in January, marking a fifth straight month of contraction in output, the statistics bureau said on Friday. Economists had expected a reading of 49, based on forecasts compiled by Bloomberg.A separate PMI manufacturing gauge compiled by Caixin and S&P Global Ratings, which tracks smaller Chinese manufacturers, rose to 50.9 from 50.8 in January. The reading exceeded the consensus estimates of 50.7 among economists.Both reports are likely to renew pressure on policymakers to respond next week when they gather for the annual legislative meeting next week, where economic and social targets are set for the coming year. The National People’s Congress will convene on Tuesday in Beijing.The Hang Seng Index climbed 6.6 per cent in February, the most since a 10 per cent rally in January 2023, buoyed by market intervention by China’s state-run funds and Hong Kong’s latest move to scrap its decade-old curbs on property financing and purchases.Other major Asian markets were mixed. 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