The Hang Seng dropped 39 points, or 0.2%, to close at 19,241 on Thursday, reversing earlier gains as financials and property stocks recorded losses.
Hang Seng declines on inflation and property woes
The index ended lower for the fourth consecutive session, following fresh data that showed China’s annual inflation rate fell to a 9-month low of 0.1% in December, while producer deflation persisted for the 27th month. Traders remained cautious as they processed details of Beijing's expanded consumer trade-in program, compounded by a slowdown in the property sector.
Meanwhile, US futures tumbled amid growing concerns that fewer rate cuts may occur this year as inflation risks persist. In other news, President-elect Trump is considering declaring a national economic emergency to enforce his broad tariff policies. Li Auto saw sharp losses (-4.4%), along with Sinotruk Ltd. (-2.9%) and Meituan (-1.8%).
Tencent gains 1.6% after buyback, US blacklisting news
However, Tencent Holdings gained 1.6%, recovering from a 4-month low after buying back shares, following the US blacklisting of some Chinese tech firms over alleged military ties.
