Hong Kong stocks mark weak end to year of the rabbit

Orient Overseas (International)

09/02/2024 04:31

SINGAPORE, Feb 9 (Reuters) - 
    Hong Kong shares made a weak finish to the zodiac year in a
session shortened by the festive break, with the absence of
mainland buyers leaving the market to drift lower on Friday.
  
    ** At the early close of trade, the Hang Seng index  .HSI 
was down 131.49 points or 0.83% at 15,746.58.
    ** For the week it rose 1.4%, but for the zodiac year of the
rabbit just ended, it dropped 28.6% as investors have streamed
out of Chinese assets while the economy stuttered.
    ** Hong Kong markets are closed until Feb. 14, while
mainland China markets are closed until Feb. 19. Dealers said
trade was quiet and the lack of inflow from the mainland
contributed to the soft session.
    ** "With China on holidays, that stock connect flow has been
missing," said Steven Leung on the sales desk at UOB Kay Hian in
Hong Kong. He said investors hope that mainland authorities will
announce support for the markets during the holidays.
    ** The top gainer on the Hang Seng was clothier and sports
gear seller Anta Sports  2020.HK , up 1.8%. Logistics firm
Orient Overseas (International)  0316.HK  was the biggest loser,
falling 8.5%.
    ** 745.47 million Hang Seng index shares were traded,
roughly 31.7% of the market's 30-day moving average of 2.35
billion shares.
    ** The price-to-earnings ratio of the Hang Seng index was
just 7.12, compared to 25.2 for the S&P 500  .SPX .

 (Reporting by Tom Westbrook in Singapore; Editing by Varun H K)
 ((tom.westbrook@tr.com; +65 6973 8284;))