Hong Kong Stocks Fall on Friday Amid Tech, Property Weakness; JD.com Plunges 11%

MT Newswires Live08-14 16:32

Hong Kong stocks closed lower Friday as weakness in technology and property shares weighed on the market, leaving it out of step with broader Asian gains.

The Hang Seng Index fell 279.66 points, or 1.1%, to close at 25,116.85, while the Hang Seng China Enterprises Index dropped 85.66 points, or 1%, to 8,340.83.

Property stocks also came under pressure amid continued concerns over China's weak housing market and sluggish domestic demand, adding to the cautious tone.

Elsewhere in Asia, stocks gained after softer U.S. inflation data reduced concerns over near-term Federal Reserve rate hikes and supported a rebound in technology shares.

JD.com (HKG:9618) tumbled nearly 11% despite reporting higher second-quarter net income, as revenue fell 2.9% year over year amid a high comparison base.

Suzhou Novosense Microelectronics (SHA:688052, HKG:2676) jumped nearly 10% after reporting 88.2 million yuan in impairment provisions for the first half.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment