Concerns about the durability of China’s growth and corporate earnings reports sent Hong Kong stocks to their steepest weekly decline in nearly four months, as investors moved beyond their optimism about the outcomes of tariff talks.
The Hang Seng Index retreated 1.1 per cent to 24,507.81 at the close on Friday. For the week, the gauge was down 3.5 per cent, its biggest such loss since April 11. The Hang Seng Tech Index lost 1 per cent. On the mainland, the CSI 300 Index climbed 0.1 per cent and the Shanghai Composite Index fell at least 0.4 per cent.
China Petroleum and Chemical Corp, the nation’s largest oil refiner that is also known as Sinopec, slumped 5.9 per cent to HK$4.33 after saying it expected a first-half profit decline of 40 to 44 per cent. Peer PetroChina fell 3.3 per cent to HK$7.42. Macau casino operator Sands China slipped 0.8 per cent to HK$18.88 ahead of its earnings report later on Friday. Tencent Holdings, the…
