Hong Kong stocks fell for the third day in a row ahead of the release of 2023 economic data, which is expected to present a mixed picture for the recovery of the Chinese economy.
The Hang Seng Index fell 1,9 percent to 15.904,27 at noon, experiencing the biggest decline in seven weeks and falling to its lowest level in 14 months. While the Technology Index decreased by 2,4 percent, the Shanghai Composite Index decreased by 0,6 percent, falling to the lowest levels since May 2020.
Alibaba fell 2,4 percent to HK$68,35, JD.com lost 2,8 percent to HK$93,95, and Tencent fell 2,7 percent to HK$281,60. Meituan lost 3,2 percent to HK$73,25, while HSBC Holdings fell 2,9 percent to HK$59,20. Sportswear maker Li Ning fell 3,3 percent to HK$17,26, while rival Anta weakened 2,8 percent to HK$72.
It is noted that a cautious atmosphere prevails in Chinese stock markets, as investors expect the economic data, which will be announced on Wednesday and include the last important data of 2023, to draw a mixed picture. China's gross domestic product (GDP) is likely to increase by 2023 percent in 5,2, in line with Beijing's target, according to economists who watch the region closely.