Hong Kong stocks posted the first back-to-back decline in two weeks on Friday after China’s July economic data fell short of estimates and a raft of disappointing earnings reports put investors in a risk-averse mood.
The Hang Seng Index fell 1 per cent to 25,270.07 at the close, extending a 0.4 per cent decline on Thursday but ending the week up 1.7 per cent. Mainland Chinese investors bought the dip, purchasing a record HK$35.9 billion (US$4.59 billion) of Hong Kong stocks through the exchange link programme for the day, according to bourse data.
The Hang Seng Tech Index dropped 0.6 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index gained at least 0.7 per cent.
E-commerce operator JD.com tumbled 3.4 per cent to HK$120.80 after second-quarter net income dropped 51 per cent from a year earlier, reflecting the fallout of a price war in the industry. CK Hutchison Holdings slid 1.1 per cent to HK$51.45 after…
