The Hang Seng Index fell 393 points, or 1.5%, to 25,217 on Tuesday (December 16), closing at a nearly four-week low and extending the previous session's sharp decline as mainland Chinese stocks slumped further and traders grew nervous ahead of key US economic data this week. Meanwhile, China's economy showed more signs of slowing in November, with disappointing industrial output and retail sales.
Property stocks led the decline amid concerns of a prolonged downturn, particularly after China Vanke said it would hold a second bondholder meeting after failing to secure approval to extend a bond payment due on Monday. Technology, consumer discretionary, and financial stocks also retreated, with momentum lacking after key policy meetings in China concluded last week.
However, losses eased as local data showed Hong Kong's strongest third-quarter manufacturing growth in nearly three years. Xiaomi shares fell 2% due to pressure in the smartphone market, while Zijin Gold (-5.9%), Tencent Music (-3.4%), China Hongqiao (-2.9%), and SMIC (-2.2%) were among the stocks that experienced the biggest declines. (alg)
Source: Trading Economics
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