Hong Kong Market tumbles 2%

Hong Kong share market finished session steep lower on Friday, 10 February 2023, as risk aversion selloff across the board due to mixed economic data and geopolitical uncertainties.

At closing bell, the benchmark Hang Seng Index stumbled 433.94 points, or 2.01%, to 21,190.42. The Hang Seng China Enterprises Index was down 187.54 points, or 2.56%, to 7,126.19.

The Biden administration is said to be mulling new rules that would curb US investment in Chinese technology companies, as per reports, days after the US government shot down a Chinese-owned spy balloon over its airspace.

Meanwhile, consumer prices in China rose last month by 2.1% from a year earlier, versus 1.8% in December, the government data said on Friday, limiting the room for monetary easing. Producer prices index fell 0.8%, suggesting manufacturers struggled to pass on costs to consumers.

Among blue chips, Alibaba Group slipped 3.3% to HK$104.10, Baidu slumped 7.4% to HK$140.40 while JD.com tumbled 6.3% to HK$210.40. BYD lost 3.5% to HK$240.60 as Warren Buffett's Berkshire Hathaway further cut its stake. China's biggest chip maker SMIC slipped 4.3% to HK$17.24 on an earnings setback.

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