Hong Kong stocks dropped on Tuesday, extending losses for a second day straight as weak economic data further put a damper on hopes of economic growth in the absence of additional stimulus measures.
The Hang Seng Index fell 3.67%, or 774.08 points, at 20,318.79. The Hang Seng China Enterprises Index lost 3.99%, or 302.11 points, at 7,277.83.
Market leaders including tech firm Tencent (HKG:0700), food delivery company Meituan (HKG:3690), and e-commerce giant Alibaba (HKG:9988) led the decline, with shares falling 4%, 7%, and 5%, respectively, at the close of trading Tuesday.
China's export growth in September was the slowest in five months, with exports rising just 2.4% year over year to $3.037 trillion, data released by the General Administration of Customs Monday said.
Imports increased by 0.3% for the month to $2.22 trillion, also missing the 0.9% forecast increase.
Additionally, newly issued renminbi-denominated loans by Chinese banks missed analyst estimates in September. The loans reached 1.59 trillion yuan in the month, up 77% from August but lower than estimates of 1.87 trillion yuan.
Investors are still eyeing further stimulus measures in the hopes the economic support will bolster the economy and allow the market to regain momentum.
In corporate news, China Resources Beverage (HKG:2460) launched its initial public offering in Hong Kong Tuesday, looking to raise up to HK$5.04 billion from the deal.
The beverage company is offering up to 347,826,200 shares, which are expected to be priced between HK$13.50 and HK$14.50 per share.
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