Hong Kong Market falls from 3-month peaks

Hong Kong share market finished session lower on Friday, 02 December 2022, as investors opted to book profit made recently on tracking losses on Wall Street overnight, as a contraction in U.S. manufacturing activity for November overshadowed mild easing in inflation and solid consumer spending.

City market hits nearly 3-months peak on Thursday on increased bets that Beijing will loosen its harsh Covid-19 restrictions and shift its focus to economic growth.

At closing bell, the benchmark Hang Seng Index slid 61.09 points, or 0.33%, to 18,675.35. The Hang Seng China Enterprises Index was down 16.16 points, or 0.25%, to 6,368.74. The Hang Seng Index advanced 6.3% for the week.

Among blue chips, Longfor Group lost 4.3% to HK$22.20 and Country Garden slid 4% to HK$2.85, as traders took some profits from the biggest winners on the benchmark in November. Alibaba Group gained 2.4% to HK$84.80 and Meituan added 3.1% to HK$168.

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