The Hang Seng Index fell 1.1 per cent to 17,987.71 at 10am local time, the most since September 7. The Tech Index declined 1.2 per cent while the Shanghai Composite Index dropped 0.2 per cent.
Alibaba Group tumbled 1 per cent to HK$85.35 and e-commerce rival JD.com dropped 1.2 per cent to HK$123.10, while food delivery platform operator Meituan slipped 1.4 per cent to HK$122.60. Macau casino operator Sands China weakened 0.6 per cent to HK$25.50 while travel operator Trip.com lost 0.7 per cent to HK$282.40.
The Hang Seng Index has retreated 1.1 per cent so far this month as Beijing’s piecemeal stimulus measures disappointed investors. Foreign funds sold US$2.1 billion of Chinese stocks last week, according to Stock Connect data, taking the cumulative six-week outflows to a record US$15 billion. Foreign-exchange outflows amounted to US$42 billion in August versus US$26 billion in July, Goldman said, the highest since 2016.
Shenzhen Fuheng New Material jumped 19 per cent to 6.77 yuan on its first day of trading in Beijing, the only market debutant on Friday.
Other major Asian markets weakened. South Korea’s Kospi lost 0.6 per cent and Australia’s S&P/ASX 200 dropped 0.7 per cent. Japanese markets are closed for a holiday.
The news is published by EMEA Tribune & SCMP