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Hong Kong Market falls on disappointing China PMI data

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Capital Market
Hong Kong share market finished session lower on Thursday, 31 March 2022, following decline in Mainland A-share market, as risk aversion selloff triggered on fresh signs of China's economic slowdown and worries over wider disruption resulting from a recent COVID-19 resurgence.

At closing bell, the benchmark Hang Seng Index fell 1.06%, or 235.18 points, to 21,996.85. The Hang Seng China Enterprises Index fell 1.1%, or 83.48 points, to 7,525.89.

China's factory and services sectors shrank in March, an official survey showed, contracting simultaneously for the first time since the 2020 peak of the COVID outbreak. The decline in China purchasing manager index (PMI) highlighted the negative impact of lockdowns on production and economic activities. The NBS Manufacturing PMI fell to 49.5 in March from 50.2 in the previous month. The NBS Non-Manufacturing PMI suffered a sharper drop to 48.4 in March, from the previous reading of 51.6.

 

Leading the upside were real estate concern Longfor, up 2.5%, followed by state conglomerate CITIC, up 2.4%, and then China Construction Bank, up 1.6%. On the downside were knitwear-maker Shenzhou International, off 7.3%, and then Wuxi Biologics, off 6%.

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First Published: Mar 31 2022 | 6:08 PM IST

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