Economy 2 MIN READ

China, HK stocks fall on COVID outbreaks, weak economic data

November 10, 2022By Reuters

China and Hong Kong stocks fell on Thursday, as worsening COVID situations and feeble economic data outweighed optimism about an eventual economic reopening.

** China’s bluechip CSI300 index fell 0.8%, to 3,685.69 points, while the Shanghai Composite Index lost 0.4%, to 3,036.13 points.

** In Hong Kong, the Hang Seng index dropped 1.7%, to 16,081.04 points, while the Hong Kong China Enterprises Index lost 2.1%.

** China reported 9,005 new COVID-19 infections for Nov. 9, including both symptomatic and asymptomatic cases, compared with 8,335 new cases a day earlier.

** In China’s southern manufacturing hub of Guangzhou, millions of residents are being tested for COVID-19 in a fight against city’s worst outbreak so far.

** Stringent COVID curbs have added downward pressure on an economy already suffering from a property debt crisis.

** China’s new yuan loans likely slumped in October from September, a Reuters poll showed.

** That followed Wednesday’s data showing China’s factory gate inflation fell in October, the first monthly decline since 2020.

** Gloomy economic outlook offset optimism that China may relax COVID restrictions next spring. Such hopes triggered a strong rally in Chinese shares last week.

** Most sectors fell in China, with defence, tech and environment protection stocks leading the declines.

** In Hong Kong, tech stocks slumped 3.3%, while Chinese developers lost 0.7%.


(Reporting by Shanghai Newsroom. Editing by Jane Merriman)

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