Hong Kong stocks tumbled, compounding the local market’s worst start to a year since 2005, while Chinese tech stocks hit a 13-month low as traders braced for more reports signalling a slowdown in the Chinese economy.
The Hang Seng Index fell 2.1 per cent to 16,185.57 at 2.55pm local time. The benchmark tumbled 3 per cent last week, the weakest since a 4.6 per cent loss in the opening week of trading 19 years ago. The Tech Index tumbled 3.3 per cent to hit the lowest level since late November 2022, while the Shanghai Composite Index slipped 1.3 per cent.
Alibaba Group fell 2.3 per cent to HK$70 and e-commerce peer JD.com slipped 4.3 per cent to HK$100.80. Tencent lost 1.9 per cent to HK$286.60, while online-gaming peer NetEase retreated 3.9 per cent to HK$140.40. EV maker BYD slipped 2.4 per cent to HK$203.20 and rival Li Auto dropped 2.6 per cent to HK$131.40 and Meituan weakened 4.8 per cent to HK$74.
China’s economy continued to…
