The Hang Seng Index fell 0.2 per cent to 18,073.01 as of 10am local time, taking its weekly loss to about 2 per cent. The Hang Seng Tech Index dropped 0.5 per cent and the Shanghai Composite Index retreated 0.2 per cent.
China’s statistics bureau is due to announce industrial production, retail sales and fixed-asset investment data on Monday. The central bank may also release the figures on new lending and aggregate financing as early as Friday.
Jewellery retailer Chow Tai Fook tumbled as much as 10.5 per cent but recovered to trade down 7.1 per cent at HK$8.79 amid worries about its dividend payout and sales, after it unveiled its earnings for the year to 31 March 2024 and provided operational updates for the current year.
“We expect weaker-than-expected dividend and poor sales in April and May to weigh on share price,” said Citigroup analysts in a note. “Dividend payout of 63 per cent based on core earnings was below our expectation of 76 per cent.”
Alibaba Group Holding slipped 1.8 per cent to HK$73.15 and Hong Kong Exchanges and Clearing dropped 1.6 per cent to HK$259.60.
Cloud Factory Technology Holdings, which offers network data services, fell 3.3 per cent from its IPO price to HK$4.45 on its trading debut in Hong Kong.
Other major Asian markets were broadly weaker. Japan’s Nikkei 225 slipped 0.2 per cent before Bank of Japan’s policy meeting and Australia’s S&P/ASX 200 lost 0.3 per cent, while South Korea’s Kospi was flat.