Hong Kong stocks fell 233 points, or 0.9%, to 26,469 in early Friday trading, wiping out gains from the previous session as markets reopened after the Lunar New Year break. Sentiment was pressured by the continued closure of mainland exchanges for the holiday week, while global risk appetite weakened amid a U.S. military buildup in the Middle East and a sharp selloff in private equity stocks that unsettled Wall Street overnight.
On the domestic front, investors were cautious ahead of the release of January’s unemployment data later today, after the jobless rate held at 3.8% for three consecutive periods. However, the downside was limited by optimism over robust travel and consumer spending in China during the Spring Festival.
Technology and consumer stocks led losses on the Hang Seng Index, partially offset by gains in property and financial names. Notable decliners included Pop Mart International (-3.3%), Xiaomi (-3.2%), Kuaishou Technology (-3.0%), and Tencent (-2.3%). For the week, the market remains on course for a decline of about 0.6%, extending a lackluster performance from the previous week.
