Hong Kong stocks dropped by the most in a week amid signs corporate earnings from benchmark index members are trailing market expectations.
The Hang Seng Index slumped 2 per cent to 17,559.42 on Friday, paring the gain for the week to 0.6 per cent. The Tech Index weakened 2.2 per cent while the Shanghai Composite Index retreated 0.7 per cent.
Alibaba Group dropped 1.4 per cent to HK$76.20, Tencent lost 2.4 per cent to HK$321.20 and online game operator NetEase slid 3.4 per cent to HK$175.20. EV maker BYD tumbled 5.5 per cent to HK$228.40, while Meituan slipped 2.8 per cent to HK$109.10 before its quarterly report card next week.
Some 31 of 80 Hang Seng Index members have released their earnings reports for the September quarter, generating an average 6.5 per cent growth from a year earlier, according to Bloomberg data. The outcome has so far surprised by 7.2 per cent to the downside, with material producers, technology companies and…
