Hong Kong stocks were back in the red Friday as markets digested news of a softening U.S. job market and an unexpected decline in China's export figures.

The Hang Seng Index decreased by around 244.07 points, or roughly 0.9%, to end at 26,241.83. The Hang Seng China Enterprises Index fell around 88.41 points, or 0.9%, to 9,267.56.

China's exports in October slipped 1.1% year on year in US dollar terms to $305.4 billion, missing a consensus estimate of a 2.9% increase, according to a Bloomberg survey, the South China Morning Post reported. The contraction could signal a worsening outlook for China's economy, leaving the country more reliant on domestic demand, which is already struggling, the report said.

Meanwhile, US-based employers announced 153,074 job cuts last month, up 183% sequentially and 175% annually, Challenger Gray & Christmas said. The figure is the highest job cuts for any October in more than two decades, Bloomberg reported.

In corporate news, Sichuan Biokin Pharmaceutical (HKG:2615, SHA:688506) launched its initial public offering in Hong Kong, targeting to raise as much as HK$3.36 billion via the sale of 8.6 million shares at HK$347.50 to HK$389.00 each.

CNGR Advanced Material (HKG:2579, SHE:300919) also launched its IPO, looking to raise as much as HK$3.94 billion via an offering of 104.2 million shares at HK$34.00 to HK$37.80 each.

Source : MT Newswires