Hong Kong stocks fell back to red after yesterdayâs gains heading towards a weekly loss, while investorsâ sentiment remained cautious ahead of Chinaâs key economic numbers for May.
Chinaâs statistics bureau will be announcing the industrial production, retail sales, and fixed-asset investment data for May on Monday.
The Hang Seng Index fell by 0.94%, or 170.85 points, to close Fridayâs session at 17,941.78. The Hang Seng China Enterprises Index fell by 0.73%, or 47.15 points, to close at 6,374.66.
The Hong Kong Monetary Authority said high interest rates may remain for some time as it is uncertain when the US Federal Reserve will cut its interest rates. Hong Kong retained its base rate at 5.75% after the Fed kept its interest rate at between 5.25% and 5.5%.
Meanwhile, the gross value of construction works in Hong Kong rose 8.7% year over year to HK$68.7 billion in the first quarter, according to provisional data from the city's Census and Statistics Department released Thursday.
In corporate news, Av Concept Holdings (HKG:0595) said it expects its net profit attributable to owners to have risen by 160% in the fiscal year ended March 31 from HK$41 million in the year prior, sending the companyâs shares nearly 34% higher on Fridaysâ close.
Central Development Holdings (HKG:0475) forecasts its loss to widen to between HK$31 million and HK$34.4 million in the fiscal year ended March 31 from HK$11.9 million in the year-ago period. Despite this, the companyâs shares were up over 17% on Fridaysâ close.
WAH WO Holdings Group (HKG:9938) expects a maximum net loss of around HK$57.9 million for the year ended March 31, 2024, against an audited net profit of HK$2.9 million from the previous year period. The companyâs shares were down nearly 6% on Fridaysâ close.
