Hong Kong stocks fell, completing the biggest weekly loss in almost two months, as investors fret about the strength of China’s economic recovery amid weak consumption at home and heightened tensions in US-China trade ties.
The Hang Seng Index fell 0.9 per cent to 19,064.29 on Friday, bringing the losses over five days to 3.5 per cent, the steepest decline since the November 15 week. The Tech Index dropped 1.2 per cent while the Shanghai Composite Index retreated 1.3 per cent.
Sportswear maker Li Ning tumbled 4.8 per cent to HK$14.82 and China Life Insurance lost 4.4 per cent to HK$13.10, while Alibaba Group slipped 1.2 per cent to HK$79.60. PC maker Lenovo weakened 4.9 per cent to HK$9.34.
Tencent dropped 1 per cent to HK$369.60, failing to hold onto a rebound on Thursday. Separately, the company also cut its stake in merchant services provider Weimob to 2.94 per cent from 8.4 per cent, sinking the latter by 41 per cent to HK$1.88.
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