Hong Kong stocks mirror contraction in China PMI data
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The Hang Seng Index dropped 0.6 per cent to 21,868.38 at 9.55am local time. The Hang Seng Tech Index eased 0.3 per cent. On the mainland, the CSI 300 Index eased 0.1 per cent and the Shanghai Composite Index lost 0.2 per cent. Onshore markets will be closed for the Labour Day holiday for three days from Thursday to Monday.
China Merchants Bank slumped 5.2 per cent to HK$42.15, ICBC dropped 4.2 per cent HK$5.25 and Bank of China declined 2.3 per cent to HK$4.26 following poor earnings results.
Bucking the downward trend, insurance giant AIA gained 5 per cent to HK$57.30 after it reported stellar new business growth in Hong Kong and mainland China. Rival China Life advanced 2.3 per cent to HK$14.30.
China's purchasing managers' index fell to 49 in April. Photo: Reuters
The purchasing managers' index, a survey of sentiment among Chinese factory owners, fell to 49 in April, the National Bureau of Statistics said, down from 50.5 in March and short of the consensus estimate of 49.7. A reading below 50 indicates contraction.
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