Hong Kong Hang Seng Off 0.42% On Soft China Economic Data

The Hong Kong Hang Seng Index fell back 0.42% Thursday, with property developers and banks extending recent retreats, after the release of weaker-than-expected mainland Chinese retail sales and industrial data.

China officials reported industrial output in August increased 6.0% year-on-year, against an expected 6.6%; retail sales rose 10.1% year-on-year, against an expected 10.5%; and fixed-asset investment in urban areas rose 7.8% in the first eight months of the year over the same period in 2016, also slightly less than anticipated.

The broad gauge Hang Seng opened lower and could not gain ground, finishing off 116.88 to 27,777.20, as losing issues outnumbered gainers, 36 to 12.

Leading the upside on a down day were confectioner Want Want China (151:HK), up 2.8%; followed by diaper-maker Hengan International (1044:HK), up 2.3%; and then China Mengniu Dairy (2319:HK), up 2.3%.

On the downside were phone-service China Mobile (941:HK), off 1.7%; and then Geely Automotive (175:HK), off 1.7%.

On the mainland, the Shanghai Composite fell 0.38% to 3,371.43.

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