Hong Kong Market extends sell-off

Hong Kong share market finished session lower on Tuesday, 16 April 2024, marking a fourth session of losses, weighed down by Wall Street falls overnight and fears over tensions in the Middle East. Meanwhile, risk aversion sell-off fueled further after signaled a wobbly recovery in the worlds second-largest economy, despite stronger-than-expected GDP data.

China's gross domestic product (GDP) grew 5.3% in January-March from the year earlier, slightly faster than the 5.2% expansion in the previous three months. However, a raft of March indicators released alongside the GDP data, including property investment, retail sales and industrial output, showed that demand at home remains weak and is retarding overall momentum.

At closing bell, the benchmark Hang Seng Index dropped 351.49 points, or 2.12%, to 16,248.97. The Hang Seng China Enterprises Index slid 112.66 points, or 1.92%, to 5,743.78.

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