At closing bell, the benchmark Hang Seng Index fell 157.57 points, or 0.79%, to 19,785.94. The Hang Seng China Enterprises Index was down 88.75 points, or 1.33%, to 6,581.47. The Hang Seng Index slumped 9.3% this month, erasing more than US$310 billion of capitalisation from the city's broader market.
Investors are closely monitor the upcoming economic data releases (such as China's official PMIs for February on 1 March, trade data on 7 March, inflation data on 9 March, and a series of activity data from retail sales, industrial production to urban fixed asset investment in mid-March) for more clues on the pace of China's economic recovery since Beijing reopened its borders and ditched its rigorous anti-COVID rules in December.
Also, investors would focus on the country's annual parliamentary gatherings- National People's Congress (NPC) on 5 March 2023, where officials will release growth targets and policies.
Among blue chips, Alibaba dropped 3.2% to HK$86.50 and JD.com slid 2.4% to HK$173.70. BYD dropped 2% to HK$211.20 on reports it cut car prices to garner sales, while peer Geely Auto slumped 4.5% to HK$10.24. Xinyi Solar tumbled 9.2% to HK$8.38 after its 2022 earnings missed market expectations. Cosmetics retailing chain Sa Sa International jumped after the city scrapped its mask-wearing rules.
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