Hong Kong stocks capped a weekly gain after the market reopened following a two-day break, as an official report showing a fourth straight month of decline in Chinese industrial companies’ profit bolstered the argument for more stimulus support.
The Hang Seng Index slipped less than 0.1 per cent to 20,090.46 at the close, paring the gain for the trading-shortened week to 1.9 per cent. The Hang Seng Tech Index advanced 0.7 per cent.
On the mainland, the CSI 300 Index dropped 0.2 per cent and the Shanghai Composite Index added 0.1 per cent.
Consumer companies, such as Haidilao International Holdings and China Mengniu Dairy, retreated on concerns that weakening consumer spending will dent earnings. Alibaba Group Holding dropped after agreeing to an e-commerce joint venture in South Korea.
Chinese industrial companies’ profit fell 7.3 per cent year on year for the fourth consecutive month in November, the National Bureau of Statistics…
