Hong Kong stocks fell by the most in nearly three weeks as China’s deflationary trend became more entrenched, deepening concerns about the nation’s growth prospects.
At the close on Wednesday, the Hang Seng Index dropped 1.1 per cent to 23,892.32, its most substantial loss since June 19, while the Hang Seng Tech Index retreated 1.8 per cent. On the mainland, the CSI 300 Index slipped 0.2 per cent and the Shanghai Composite Index lost 0.1 per cent.
Henderson Land Development slumped 8.6 per cent to HK$25.90 after raising HK$8 billion (US$1 billion) from a sale of convertible bonds. Other Hong Kong property developers also fell: Hang Lung Properties slid 3.1 per cent to HK$7.45 and Sun Hung Kai Properties sank 3 per cent to HK$89.85. Alibaba Group Holding, owner of the Post, shed 3.8 per cent to HK$102.90 and Tencent Holdings slid 1.4 per cent to HK$497.60.
Producer prices on the mainland dropped by 3.6 per cent from a year earlier…
