Stocks in China and Hong Kong extended losses on Friday as investor concerns about a Chinese recovery resurfaced after this week’s data came in weaker than expected.
Traders were also waiting for the US job creation report to be released this Friday, which could spur more aggressive interest rate hikes from the Federal Reserve.
The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, fell 1.31%, to close at a nine-week low. The Shanghai index lost 1.4% and for the week accumulated a 2.95% drop, the biggest weekly drop in more than two months.
Hong Kong’s Hang Seng index fell 3.04% to close on Friday at an 11-week low. For the week, the loss was 6%, the biggest weekly drop in more than four months.
Other Asian markets were also down, weighed down by bank stocks. The MSCI Asia-Pacific stock index ex Japan even dropped to a two-month low.
“Economic indicators this week, such as a stronger-than-expected 10.2% decline in import data for January and February, have revived investor concerns about the pace of economic recovery in China and weighed on sentiment in Hong Kong “said Linus Yip, chief strategist at First Shanghai Securities.
. In TOKYO, the Nikkei index fell by 1.67% to 28,143 points.
. In HONG KONG, the HANG SENG index fell 3.04% to 19,319 points.
. In SHANGHAI, the SSEC index lost 1.40% to 3,230 points.
. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, fell by 1.31% to 3,967 points.
. In SEOUL, the KOSPI index lost 1.01% to 2,394 points.
. In TAIWAN, the TAIEX index fell 1.55% to 15,526 points.
. In SINGAPORE, the STRAITS TIMES index lost 1.15% to 3,177 points.
. In SYDNEY, the S&P/ASX 200 index fell by 2.28% to 7,144 points.
Source: Terra
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