Hong Kong stocks fell to a new 13-month low amid concerns that more downbeat Chinese economic data will emerge this week, offsetting the initial positive impact from state support for equities.
The Hang Seng Index dropped 1.1 per cent to 16,646.05 at the close, its lowest level since November 10, 2022. Friday’s close was the earlier 13-month trough. The Hang Seng Tech Index slid 1.9 per cent and the Shanghai Composite Index fell 0.3 per cent.
Wuxi Biologics tumbled 24 per cent to HK$33.15 before trading was suspended pending the release of inside information. Earlier the drug maker released a business update that expects a “challenging macroeconomic conditions” ahead. Its affiliate Wuxi Apptec slid 8.8 per cent to HK$83.45. Alibaba Group dropped 1.5 per cent to HK$70.80 and online game operator NetEase sank 5.2 per cent to HK$166.60. Chinese EV maker Li Auto slumped 3.3 per cent to HK$141.70, as the stock was included in the…
