Hong Kong Stocks Slide to Two-Month Low; Baidu, Alibaba Shares Retreat

MT Newswires Live17:21

Hong Kong stocks fell to a two-month low on Friday as dismal corporate earnings weighed on investor sentiment.

The Hang Seng Index slumped 1.9%, or 371.14 points, to end at 19,229.97, the worst finish since Sept. 25. The Hang Seng China Enterprises Index lost 2.1%, or 147.84 points, to 6,887.05.

The local equities market suffered a second day of losses as investors fretted over the weakness in China's economic recovery after more companies reported weak financial results.

Baidu's (HKG:9888) third-quarter revenue dropped 3% to 33.6 billion yuan. The Chinese search engine said the decline reflected the ongoing weakness in its online marketing business.

Its shares closed nearly 9% lower on Friday.

Meanwhile, Alibaba Group's (HKG:9988) shares retreated over 4% after Temu owner PDD Holdings warned of heightened e-commerce competition and forecasted slower revenue growth.

The lackluster quarterly results from HSI-listed companies underscore the urgency for policymakers to do more to ramp up growth, South China Morning Post reported.

In other corporate news, Far East Consortium International (HKG:0035) said it expects an up to HK$900 million attributable loss for the six months ended Sept. 30, reversing a profit of HK$232.2 million a year ago. The company's shares closed 5% lower on Friday.

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