Hong Kong stock market finished session lower on Monday, 16 August 2021, extending losses for third session in row, as fresh signs of a slowdown in the world's second-largest economy after disappointing economic data hit market sentiment. Meanwhile, concerns a resurgence in coronavirus cases in mainland China also dented appetite for risk.
At closing bell, the benchmark Hang Seng Index fell 0.8%, or 210.16 points, to 26,181.46. The Hang Seng China Enterprises Index dropped 1.2%, or 112.55 points, to 9,265.24.
The retreat in the market was driven by concern about growth momentum in China as official data showed China's factory output and retail sales growth both slowed in July as export growth cooled and new COVID-19 outbreaks disrupted business.
The National Bureau of Statistics of China reported that China's retail trade rose by 8.5% year-on-year in July 2021, down from 12.1% gain in the previous month.
China's industrial production grew by 6.4% year-on-year in July, lower than the 8.3% growth recorded the previous month. On the other hand, fixed-asset investment increased by 10.3% in the first seven months of the year.
Shares of automakers declined as the China Association of Automobile Manufacturers said on Monday that car production plunged in the first 10 days this month, a sign that factories may be disrupted by the pandemic or extreme weather. BYD slumped 7.2 per cent to HK$253.60 while Geely Auto lost 6.7 per cent to HK$26.55.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU