Hong Kong stocks on course for first weekly loss in a month on China growth, earnings jitters
Hong Kong stocks on track for their first weekly decline in nearly a month, as investors moved beyond their optimism about the outcomes of tariff talks.
The Hang Seng Index rose 0.2 per cent to 24,811.51 as of 10.15am local time on Friday. But the gauge was down 2.3 per cent for the week, its first such loss since July 4. The Hang Seng Tech Index gained 0.6 per cent. On the mainland, the CSI 300 Index climbed 0.1 per cent and the Shanghai Composite Index was little changed.
China Petroleum and Chemical Corp, the nation's largest oil refiner that is also known as Sinopec, slumped nearly 3 per cent to HK$4.47 after saying it expected a first-half profit decline of 40 to 44 per cent. Peer PetroChina fell 2.4 per cent to HK$7.49. Macau casino operator Sands China slipped 0.1 per cent to HK$19.02 ahead of its earnings report later Friday.
The stellar run that drove the Hang Seng Index to its highest point in three and a half years last month showed signs of fatigue on sluggish China economic data. An official survey this week showed that the manufacturing industry unexpectedly contracted in July, while heavyweight
HSBC Holdings reported
a decline in quarterly profit . Investors were struggling with a lack of fresh stimulus measures after a Politburo meeting chaired by President Xi Jinping earlier this week only reiterated policies from earlier conferences.
Other major Asia-Pacific markets were mixed: Japan's Nikkei 225 slipped 0.4 per cent, South Korea's Kospi tumbled 2.9 per cent and Australia's S&P/ASX 200 lost 0.7 per cent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
4 hours ago
- South China Morning Post
Groups seek 30% pay rise for Hong Kong domestic helpers to HK$6,500 a month
A coalition of domestic worker unions has demanded an immediate 30 per cent pay rise for Hong Kong's 370,000 helpers to HK$6,500 (US$833) a month and for their food subsidy to be doubled. Advertisement The Hong Kong Federation of Asian Domestic Workers Unions on Sunday blamed current government policy for having left many helpers in a 'hungry and malnourished' condition. Federation representatives raised the demands at a meeting with Labour Department officials. 'The value of our work and our contribution to the economy has to be reflected in our wages,' federation chairwoman Phobsuk Gasing said. 'So many women in Hong Kong are able to pursue their careers because we take responsibility for household duties and care work. Inflation affects our families too, and token adjustments to the [minimum wage] are insulting. 'It is basically like almsgiving.' Advertisement The minimum wage for foreign domestic helpers was raised to HK$4,990 a month last year, up from HK$4,870. Employers must provide their helpers with free food or they can choose to pay an allowance of not less than HK$1,236 a month instead.
South China Morning Post
7 hours ago
- South China Morning Post
Hong Kong leader John Lee in safety pledge over bottled water deals
Hong Kong leader John Lee Ka-chiu has pledged to maintain safety as he weighed in on a deal to buy mainland Chinese brands of bottled water for some government offices that will save taxpayers HK$16 million a year. Advertisement Lee also said on Sunday that water samples would be checked regularly and the government would cancel the contracts if standards were not met. 'For drinking water, we attach much importance to safety. It is reflected in our tendering process,' he said. 'Anyone who places a bid must produce a certification of water quality issued by an independent laboratory. Our system also requires the supplier to submit certification from time to time, not only during the tendering process. 'We will also take water samples for regular checks. If we find that [the water quality] does not meet our standards, we can immediately end the contractual relationship with [the supplier].' Advertisement Lee said the government would not compromise on water quality and he was confident that the prevailing system had been effectively and stringently enforced.
South China Morning Post
10 hours ago
- South China Morning Post
Accelerating Northern Metropolis considered priority by Hongkongers: John Lee
The accelerated development of the Northern Metropolis megaproject through novel approaches is a matter of key community consensus, Hong Kong's leader has said as he rounded up a 1½-month-long public consultation exercise for his annual policy address in September. Chief Executive John Lee Ka-chiu also said on Sunday that government policies had to consider macroeconomic development and local-level livelihood concerns to ensure that residents felt included. 'When formulating policies, we have to care about the details and do better communication with our residents about the aims of these policies so they feel acknowledged and have something to gain,' he said. Lee spoke to the media after concluding his second town hall this year on Sunday morning, where he and his principal officials met about 120 residents at a secondary school in Yuen Long to gauge public views ahead of his next policy address. The first such event was held on Sunday last week and was also attended by about 120 people. Since June, the government has held more than 40 consultation sessions and received over 5,500 submissions online and via a hotline, a 10 per cent increase from the same period last year.
