The U.S. core personal consumption expenditures price index - the Federal Reserve's preferred measure of inflation - due later in the session is expected to shed light on the trajectory of monetary policy in the world's largest economy.
Next week, China's National People's Congress (NPC) will convene on March 5, when investors will pay close attention to a series of economic targets and policy priorities for this year.
At closing bell, the benchmark Hang Seng Index fell 25.41 points, or 0.15%, to 16,511.44. The Hang Seng China Enterprises Index shed 10.58 points, or 0.19%, to 5,677.88.
Among blue chips, Search engine operator Baidus 6.6% slid to HK$99.55 while Budweiser lost 5.3% to HK$12.86 after both published weak earnings reports. Alibaba Group slipped 1.8% to HK$72.90 and peer JD.com retreated 2.4% to HK$89.05.
Sun Hung Kai Properties strengthened 1.2% to HK$78.95 while its peer Wharf REIC added 0.6% to HK$26.15. Chinas biggest chip maker SMIC surged 5.9% to HK$16.78 while Xinyi Solar surged 24% to HK$4.76 after reporting a 9.6% increase in 2023 profit.
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