Hong Kong Market falls1.07%

Hong Kong stock market finished session lower on Friday, 09 April 2021, as investors opted to secure profits on reigniting concerns that Chinese policymakers will dial back ultra-loose monetary policies after an official report shows China's factory-gate prices grew at the fastest pace in more than two years.

At closing bell, the benchmark Hang Seng Index declined 1.07%, or 309.27 points, to 28,698.80. The Hang Seng China Enterprises Index fell 1.19%, or 132.11 points, to 10,977.37.

China's producer prices rose 4.4% in March from a year earlier, the biggest increase since July 2018, the statistics bureau said on Friday. Consumer inflation accelerated to 0.4% in March. The rosy data added to other signs that the recovery at the world's second-largest economy has been gaining traction, increasing the odds that Beijing will put a brake on easy and cheap credit.

 

Added to that, a fresh round of U.S. sanctions, this time against seven Chinese supercomputer makers, has revived concern over trade friction between the two largest economies.

Shares of Linklogics, a supply-chain financing company backed by Tencent Holdings, jumped 9.9% from the initial public offering price to HK$19.32 on the first day of trading in Hong Kong.

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