Hong Kong stocks fell on Friday as investors took a step back to assess risks surrounding China’s economy as the initial euphoria about policy support hopes in response to weak manufacturing data evaporated. Still, the city’s benchmark advanced 1.8 per cent in May, for a four-month winning streak, the longest since February 2021.
The Hang Seng Index dropped 0.8 per cent to 18,079.61 at the close, adding to a 3.2 per cent decline over the past three days. The Hang Seng Tech Index slumped 1.7 per cent and the Shanghai Composite Index slipped 0.2 per cent.
The purchasing managers’ index (PMI) of the manufacturing industry, a survey of sentiment among factory owners, contracted in May after remaining in the expansionary zone over the past two months. The gauge slipped to 49.5, below the 50-mark that divides expansion and contraction, China’s statistics bureau said on Friday. The reading fell short of the consensus projection of…
