Hong Kong share market finished session lower on Monday, 29 May 2023, as investor sentiment was dampened amid concerns about economic conditions of world's second biggest economy after latest data signals a fall in China's industrial profits, which cast a shadow over the optimism which followed the tentative agreement to raise the US debt ceiling.
At closing bell, the benchmark Hang Seng Index fell 195.81 points, or 1.04%, to 18,551.11. The Hang Seng China Enterprises Index dropped 82.59 points, or 1.3%, to 6,251.04.
Among blue chips, Meituan slumped 8.1% to HK$115.80 after food delivery giant returned to a net profit in the first quarter on forecast-beating revenue as it fended off competition from rivals. Tencent eased 2.9% to HK$313.20 and e-commerce platform JD.com was down 1.7% at HK$127.90. Electric vehicle maker BYD which dropped 2% to HK$229.80 and Geely Auto which weakened 1.1% to HK$9.18, also provided the drag.
Search engine operator Baidu jumped 2.7% to HK$119.70, while gaming giant NetEase surged 7.2% to HK$139.90 after it announced robust earnings. China's biggest chip maker Semiconductor Manufacturing International Corporation (SMIC) climbed 2.8% to HK$20, while PC maker Lenovo jumped 3.9% to HK$7.42.
ECONOMIC NEWS: Profits of China's major industrial firms declined 20.6 percent year on year from January to April, data from the National Bureau of Statistics (NBS) showed Saturday. Industrial firms each with an annual main business revenue of at least 20 million yuan ($2.83 million) saw their combined profits reach 2.03 trillion yuan in the period, the NBS said.
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