Market Commentary - Foreign Markets
Hong Kong Market falls as weak China PMI data As on : 31-May-24  15:08

Hong Kong share market finished lower for fourth straight session on Friday, 31 May 2024, as investors took a step back to assess risks after an official factory survey showed the weakening in Chinese factory and non-manufacturing activities in May.

China?s official manufacturing PMI fell from 50.4 to 49.5 in May, slipping into contraction after two months of expansion. The non-manufacturing PMI ticked down slightly from 51.2 to 51.1.

Investors are now awaiting the U.S. Personal Consumption Expenditures (PCE) price index data, the Fed's preferred measure of inflation, due later in the day for further direction.

At closing bell, the benchmark Hang Seng Index retreated 150.58 points, or 0.83%, to 18,079.61, adding to a 3.2% decline over the past three days. The Hang Seng China Enterprises Index declined 70.37 points, or 1.09%, to 6,392.58.

The sub-index of the Hang Seng tracking properties led the losses by falling 2%, meanwhile, the utilities sector dropped 1.263%, the commerce & industry sector ended 1.1% lower, and the financial sector sank 0.12%.

Among the leading decliners, Alibaba Health Information Technology tumbled 8.6% to HK$3.28 and Xinyi Solar slid 6% to HK$5.14. Meituan sank 3.5% to HK$105.10 and Tencent Holdings shed 2.2% to HK$359.80

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