Hong Kong stocks declined on Friday to register the biggest weekly loss since January, as investors turned more defensive after a four-month rally. Key Asian markets also fell as strong US economic readings dampened rate cut optimism.
The Hang Seng Index fell 1.4 per cent to 18,608.94 at the closing of Friday trading, the fourth straight day of declines that took the benchmark to a two-week low. The Tech Index tumbled 2.5 per cent, while Shanghai Composite Index lost 0.9 per cent.
All but eight of the 82 index members declined. Tencent lost 1.3 per cent to HK$377, e-commerce firm JD.com retreated 3.3 per cent to HK$119.60 and food delivery platform Meituan lost 2.7 per cent to HK$116.30. New World Development lost 3.4 per cent to HK$9.13, Hang Lung Properties weakened 4.3 per cent to HK$7.64 and Hang Seng Bank slipped 2 per cent to HK$110.10, leading declines among local lenders and developers.
Sentiment took another hit on Friday…
