Hong Kong stocks fall as Li Ning, Anta tumble on weak China consumption signals

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Hong Kong stocks dropped on concerns China will need to do more to firm up an economic recovery amid weak consumption signals.

The Hang Seng Index fell 0.4 per cent to 17,010.94 at 10.07am local time. The Tech Index slipped 0.1 per cent and the Shanghai Composite Index retreated 0.3 per cent.

Sportswear maker Li Ning tumbled 15 per cent to HK$25.65 after same-store-sales fell in the third quarter from a year earlier. Peer Anta Sports Products declined 2.7 per cent to HK$88.35. Machine tool maker Techtronic slipped 3.3 per cent to HK$68.

Limiting losses, Alibaba Group advanced 0.4 per cent to HK$79.55 as the e-commerce group kicked off presales for its annual Singles’ Day shopping event. Rival gained 2.1 per cent to HK$98.65.

Stocks weakened across the region before a meeting between President Joe Biden and Chinese foreign minister Wang Yi in the White House on Friday. This is expected to pave the way for a meeting between Biden and his counterpart Xi Jinping next month.

Other major Asian markets traded lower. Japan’s Nikkei 225 slipped 1.8 per cent, while South Korea’s Kospi retreated 1.6 per cent and Australia’s S&P/ASX 200 lost 0.9 per cent.

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