Media365
The Hang Seng Index dropped 1.6 per cent to 25,230.70 as of 10.14am local time. The decline was broad-based, with all but eight stocks on the 89-member benchmark falling. The Hang Seng Tech Index fell 1.8 per cent.
On the mainland, the CSI 300 Index slipped 0.6 per cent and the Shanghai Composite Index retreated 0.9 per cent.
Alibaba Group Holding slumped 3.3 per cent to HK$143.60 and Tencent Holdings lost 1.4 per cent to HK$594.50. Xiaomi sank 2.7 per cent to HK$40.72 and gold producer Zijin Mining Group also shed 2.7 per cent to HK$33.54.
Sentiment took a hit as investors feared that China’s economic slowdown would deepen after key economic data showed a deceleration across the board. The most worrisome was domestic consumption, whose growth moderated to the weakest pace since the Covid-19 pandemic.
Investors also held off their bets ahead of the US labour market for November due later on Tuesday, which would include a reading for October that was delayed by the longest-ever government shutdown.
