The Hang Seng lost 41 points or 0.2% to close at 24,284 on Friday, marking a second session of drop after a brief rise in morning trade. Sentiment turned cautious after data showed that China's industrial output slumped 9.1% yoy in May, the first fall in three months, dragging year-to-date output down 1.1% amid deflation risks and tariff uncertainty.
Traders were also worried ahead of June PMI data in China next week from official and private sources. Property stocks dipped, with losses from China Overseas Land (-3.9%), Henderson Land (-2.3%), and Longfor Group (-1.8%). Pharma names such as Akeso Inc. (-2.6%) and Innovent Biologics (-2.2%) also fell.
In contrast, Xiaomi hit a record high after launching a new EV model with strong pre-orders. Still, the index surged 3.2% this week, reversing a prior weekly loss, boosted by easing Sino-U.S. trade tensions after a rare earth export framework deal, fresh support measures from Beijing to spur consumption, and robust Hong Kong's IPO market.
Source: Trading Economics
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