Hong Kong stocks hit 3-week low as China growth jitters dampen sentiment

Hong Kong stocks slid to their lowest level in three weeks amid mounting concerns about China’s growth prospects and as investors awaited a US jobs report that could influence the Federal Reserve’s interest-rate policy.\nThe Hang Seng Index dropped 1.6 per cent to 25,230.70 as of 10.14am local time. The decline was broad-based, with all but eight stocks on the 89-member benchmark falling. The Hang Seng Tech Index fell 1.8 per cent.\nOn the mainland, the CSI 300 Index slipped 0.6 per cent and the Shanghai Composite Index retreated 0.9 per cent.\nAlibaba Group Holding slumped 3.3 per cent to HK$143.60 and Tencent Holdings lost 1.4 per cent to HK$594.50. Xiaomi sank 2.7 per cent to HK$40.72 and gold producer Zijin Mining Group also shed 2.7 per cent to HK$33.54.\nSentiment took a hit as investors feared that China’s economic slowdown would deepen after key economic data showed a deceleration across the board. The most worrisome was domestic consumption, whose growth moderated to the weakest pace since the Covid-19 pandemic.\nInvestors also held off their bets ahead of the US labour market for November due later on Tuesday, which would include a reading for October that was delayed by the longest-ever government shutdown.\nGuoxia Technology, which makes smart energy storage products, surged 116 per cent to HK$43.50 on the first day of trading in Hong Kong.\nElsewhere, major Asia-Pacific markets fell. Japan’s Nikkei 225 slipped 0.8 per cent, while South Korea’s Kospi retreated 1.5 per cent and Australia’s S&P/ASX 200 lost 0.1 per cent.\n