Stocks in Hong Kong erased most of the day’s loss after China’s first set of post-tariff economic data held up, offsetting concerns about global financial market stability after the US lost its top-notch sovereign credit rating.
The Hang Seng Index closed 0.1 per cent lower at 23,332.72 on Monday, after slipping as much as 1.2 per cent, spurred by Moody’s rating downgrade of the US. The Hang Seng Tech Index lost 0.5 per cent. The CSI 300 Index, which tracks the 300 largest stocks in Shanghai and Shenzhen, declined 0.3 per cent.
Alibaba Group Holding slumped 3.4 per cent to HK$119.20, extending a decline precipitated by last week’s weaker-than-estimated earnings. Sunny Optical Technology Group, which makes camera modules for mobile phones, tumbled 3.3 per cent to HK$63.65 and electric-car maker Li Auto lost 3.2 per cent to HK$109.60.
Tempering the loss, China Unicom rallied 4.2 per cent to HK$9.26 and Xiaomi rallied 2.7 per cent…
